Boris Becker has been accused of concealing more than £1.3 million. AFP
Boris Becker has been accused of concealing more than £1.3 million. AFP
Boris Becker has been accused of concealing more than £1.3 million. AFP
Boris Becker has been accused of concealing more than £1.3 million. AFP

Boris Becker accused of failing to hand over Grand Slam trophies to settle debts


Simon Rushton
  • English
  • Arabic

Six-time tennis Grand Slam champion Boris Becker has appeared in court over allegations that he failed to hand over trophies as part of a deal to settle bankruptcy debts.

Becker, 54, who moved into the commentary box after his retirement as a player, declared bankruptcy in 2017 and is accused of not complying with his obligations to disclose financial information.

He reportedly failed to hand over various trophies, including the 1985 Wimbledon trophy — which catapulted him to stardom as an unknown 17-year-old — his two Australian Open trophies and his 1992 Olympic gold medal.

Becker is also accused of transferring large sums of money into other accounts, including to former wife Barbara Becker, and his estranged wife Sharlely “Lilly” Becker.

A jury at Southwark Crown Court in London was told to ignore Becker's celebrity during a trial that is scheduled to last three weeks. The case was expected to open on Monday afternoon.

“You must leave aside anything you have heard or any preconceptions about this case, including anything about this defendant, and start with a blank page,” Judge Deborah Taylor said.

Becker arrives at Southwark Crown Court with his partner, Lilian de Carvalho Monteiro. Reuters
Becker arrives at Southwark Crown Court with his partner, Lilian de Carvalho Monteiro. Reuters

“You must ignore this defendant's celebrity and treat him in exactly the same way you would treat someone you have not heard of and is not in the public eye.”

Becker, who commentated for the BBC at Wimbledon last year, is alleged to have concealed more than €1.5 million (£1.3m) and failed to disclose two properties in Germany and a flat in Chelsea, west London.

He denies the 24 charges made against him under the Insolvency Act, which include nine counts of failing to deliver up trophies and other awards and seven counts of concealing property.

The former tennis great, who collected 49 singles titles out of 77 finals during his 16 years as a professional player, arrived in court with his partner, Lilian de Carvalho Monteiro.

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Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
Updated: March 21, 2022, 2:40 PM