Roxanne Tahbaz, whose father Morad Tahbaz is in jail in Iran, protests outside the UK's Foreign Ministry headquarters in London. PA
Roxanne Tahbaz, whose father Morad Tahbaz is in jail in Iran, protests outside the UK's Foreign Ministry headquarters in London. PA
Roxanne Tahbaz, whose father Morad Tahbaz is in jail in Iran, protests outside the UK's Foreign Ministry headquarters in London. PA
Roxanne Tahbaz, whose father Morad Tahbaz is in jail in Iran, protests outside the UK's Foreign Ministry headquarters in London. PA

Morad Tahbaz's health declines in Iran jail after aborted release deal


Paul Peachey
  • English
  • Arabic

The health of jailed conservationist Morad Tahbaz has been deteriorating daily since he was left languishing in an Iranian jail after the collapse of a deal to secure his release in March, his daughter said on Wednesday.

Mr Tahbaz, 66, who holds British, US and Iranian citizenship, was returned to prison after several days of freedom in Tehran as two other British-Iranians, Nazanin Zaghari-Ratcliffe and Anoosheh Ashoori, were flown home to the UK after years of detention.

Mr Tahbaz was not supposed to be returned to prison as part of a deal after the UK paid back a £400 million ($500) debt from an aborted arms deal dating back to the 1970s — but Iran reneged on its side of the bargain.

His eldest daughter Roxanne Tahbaz told the BBC that her father had cancer before he was detained that required regular monitoring and treatment. “But he's in prison, so we have no way of knowing what state any of his health issues are in,” she said.

“It's been nine weeks now and my father is still not out of the prison. Every day that passes, he's deteriorating. He's got health issues.

“He doesn't know everything that we're doing but all he knows is that he was left there. And he's still sitting in prison.”

Mr Tahbaz was a founder of the Persian Wildlife Heritage Foundation, which seeks to protect endangered species in Iran.

He was arrested on charges of spying for the US and undermining Iranian security, along with other members of the group in January 2018 and sentenced to jail for a decade.

He was temporarily released in March to be with his wife — who is subject to a travel ban — in Tehran but did not fly back to the UK as was hoped with the other former detainees.

Ms Tahbaz said Britain’s Foreign Ministry had repeatedly assured the family that all the detainees would be treated the same. Mehran Raoof, another British-Iranian and a labour rights activist, also remains in prison in Iran.

Ms Tahbaz was speaking a day after Ms Zaghari-Ratcliffe, 43, told of her anguish that Mr Tahbaz had not return to Britain with them.

“I cannot begin to tell you how I felt that day when I realised that Morad was not on the flight,” she told the BBC. “I was mortified. I just could not believe that he was left behind.”

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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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Updated: May 25, 2022, 11:18 AM