A mourner near flowers and teddies left to honour the victims of the Kremenchuk shopping mall attack. EPA
A mourner near flowers and teddies left to honour the victims of the Kremenchuk shopping mall attack. EPA
A mourner near flowers and teddies left to honour the victims of the Kremenchuk shopping mall attack. EPA
A mourner near flowers and teddies left to honour the victims of the Kremenchuk shopping mall attack. EPA

UK says Kremenchuk shopping centre missile attack may not have been intentional


Laura O'Callaghan
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A Russian military blunder may have been the cause of a missile strike on a Kremenchuk shopping centre, the UK said after Moscow claimed that it had not intentionally targeted the crowded mall.

At least 20 civilians were killed when the Amstor mall was hit at about 4pm local time on Monday, sparking a huge inferno that gutted the mall.

Twenty-five survivors are in hospital and 40 people are missing, Ukrainian officials said. The death toll is expected to rise.

The attack unleashed a renewed wave of international condemnation of Russia’s actions in Ukraine, with G7 leaders calling it an "abominable attack" and French President Emmanuel Macron branding it "a new war crime".

President Volodymyr Zelenskyy accused Russia of carrying out a “terrorist attack” on the shopping centre, in which there were about 1,000 people when it was struck.

The Russian Defence Ministry said it carried out a strike on nearby hangars storing western arms and ammunition, which triggered the fire at the mall. The ministry did not provide evidence to back up its claims.

The UK’s Ministry of Defence (MoD) said the Russian military may have been aiming for a target close to the shopping mall in the industrial city more than 160 kilometres from the nearest front line.

“There is a realistic possibility the missile strike on the Kremenchuk shopping centre on June 27, 2022 was intended to hit a nearby infrastructure target,” the MoD tweeted in an intelligence update on Wednesday.

“Russia’s inaccuracy in conducting long-range strikes has previously resulted in mass civilian casualty incidents, including at Kramatorsk railway station on April 9, 2022.”

President Zelenskyy dismissed Russian claims it had accidentally struck the mall, saying in his nightly video statement: “Obviously there was an order to do this.”

“They wanted to kill as many people as possible in a peaceful location,” he said.

"Russian missile hit this location precisely. De-li-be-ra-te-ly,” he said. “It is clear that Russian killers received those exact co-ordinates.”

The war in Ukraine is dominating the Nato summit taking place in Madrid this week, as the transatlantic alliance looks to revamp its defences.

On Tuesday, the first day of the three-day gathering, Turkey dropped its opposition to Finland and Sweden joining the group and the two Nordic countries will be invited to join the alliance in Madrid for further talks.

As the war in Ukraine stretches into a fifth month, Mr Zelenskyy is increasing calls on western leaders to supply more arms to Ukrainians battling to defend their homeland; he will address the Nato summit via videolink to reiterate his pleas.

He told G7 leaders at a summit in Bavaria earlier this week that he wants the war over by winter, when the colder months could play to President Vladimir Putin’s advantage.

Nato chief Jens Stoltenberg called the meeting in the Spanish capital a "historic and transformative summit" for the alliance's future.

Nato countries, which have already committed billions of dollars in military assistance to Kyiv, will agree a "comprehensive assistance package to Ukraine, to help them uphold the right for self-defence".

"We meet in the midst of the most serious security crisis we have faced since the Second World War," Mr Stoltenberg said. "We'll state clearly that Russia poses a direct threat to our security."

  • Ukrainian servicemen in a shelter at the frontline near Kharkiv. AP
    Ukrainian servicemen in a shelter at the frontline near Kharkiv. AP
  • A Ukrainian and his puppy in the Donetsk region. AP
    A Ukrainian and his puppy in the Donetsk region. AP
  • Australian Prime Minister Anthony Albanese, third left, is shown apartment buildings damaged by Russian shelling during his visit to Irpin on the outskirts of Kyiv. AP
    Australian Prime Minister Anthony Albanese, third left, is shown apartment buildings damaged by Russian shelling during his visit to Irpin on the outskirts of Kyiv. AP
  • Rescue specialists work at the site of a destroyed residential building after blasts in Belgorod, Russia. Reuters
    Rescue specialists work at the site of a destroyed residential building after blasts in Belgorod, Russia. Reuters
  • A woman lays flowers during a demonstration against the invasion of Ukraine in front of the Palais des Nations, in Geneva, Switzerland. EPA
    A woman lays flowers during a demonstration against the invasion of Ukraine in front of the Palais des Nations, in Geneva, Switzerland. EPA
  • A woman injured when her house was damaged by the Russian shelling sits in the yard of her house, in Bakhmut, Ukraine. AP
    A woman injured when her house was damaged by the Russian shelling sits in the yard of her house, in Bakhmut, Ukraine. AP
  • Local residents stand next to a damaged residential building in the town of Serhiivka, about 50 kilometres south-west of Odesa, Ukraine. AP
    Local residents stand next to a damaged residential building in the town of Serhiivka, about 50 kilometres south-west of Odesa, Ukraine. AP
  • Viktor Shevchenko stands in a crater to show its depth after a Russian shelling in the Saltivka district in Kharkiv. AP
    Viktor Shevchenko stands in a crater to show its depth after a Russian shelling in the Saltivka district in Kharkiv. AP
  • An image taken from a video provided by the Ukrainian Presidential Press Office purports to show the moment a missile struck the shopping mall in Kremenchuk. AP
    An image taken from a video provided by the Ukrainian Presidential Press Office purports to show the moment a missile struck the shopping mall in Kremenchuk. AP
  • People watch as smoke rises after a Russian missile strike hit a crowded shopping mall, in Kremenchuk. AP
    People watch as smoke rises after a Russian missile strike hit a crowded shopping mall, in Kremenchuk. AP
  • Firefighters clean the rubble of the destroyed Amstor shopping mall in Kremenchuk. EPA
    Firefighters clean the rubble of the destroyed Amstor shopping mall in Kremenchuk. EPA
  • A woman cries after the body of her husband, who was killed in the yard of an apartment building during shelling, was loaded into an ambulance in Kharkiv, Ukraine. AP
    A woman cries after the body of her husband, who was killed in the yard of an apartment building during shelling, was loaded into an ambulance in Kharkiv, Ukraine. AP
  • Firefighters and rescue workers at the destroyed Amstor shopping mall. EPA
    Firefighters and rescue workers at the destroyed Amstor shopping mall. EPA
  • Rescuers work at the site of a shopping mall hit by a Russian missile strike, in Kremenchuk. Reuters
    Rescuers work at the site of a shopping mall hit by a Russian missile strike, in Kremenchuk. Reuters
  • A couple wounded by a Russian missile strike hold hands in a hospital, in Kremenchuk. Reuters
    A couple wounded by a Russian missile strike hold hands in a hospital, in Kremenchuk. Reuters
  • People wait to receive humanitarian aid in front of a residential building damaged during a Russian attack in Borodyanka, Ukraine. EPA
    People wait to receive humanitarian aid in front of a residential building damaged during a Russian attack in Borodyanka, Ukraine. EPA
  • Ukrainian servicemen take a bus to their positions near Severodonetsk, in Luhansk area. EPA
    Ukrainian servicemen take a bus to their positions near Severodonetsk, in Luhansk area. EPA
  • A Ukrainian service member and a dog in the industrial area of the city of Severodonetsk. Reuters
    A Ukrainian service member and a dog in the industrial area of the city of Severodonetsk. Reuters
  • A couple sits in front of a residential building that was damaged during a Russian attack, in Borodyanka. EPA
    A couple sits in front of a residential building that was damaged during a Russian attack, in Borodyanka. EPA
  • Local residents receive humanitarian aid in Borodyanka. EPA
    Local residents receive humanitarian aid in Borodyanka. EPA
  • A Ukrainian armed forces tank in Severodonetsk. Reuters
    A Ukrainian armed forces tank in Severodonetsk. Reuters
  • Ukrainian service members walk past a damaged car in Severodonetsk. Reuters
    Ukrainian service members walk past a damaged car in Severodonetsk. Reuters
  • A giant Ukrainian flag is held up during the benefit concert 'Embrace Ukraine' on the Museumplein in Amsterdam. The free event will raise money for victims of the war in Ukraine and the purchase of mobile X-ray equipment that the country needs. EPA
    A giant Ukrainian flag is held up during the benefit concert 'Embrace Ukraine' on the Museumplein in Amsterdam. The free event will raise money for victims of the war in Ukraine and the purchase of mobile X-ray equipment that the country needs. EPA
  • A fire from a gas processing plant continues to burn behind a field of wheat after it was hit by shelling a few days earlier in Andriivka, in the Kharkiv region. Reuters
    A fire from a gas processing plant continues to burn behind a field of wheat after it was hit by shelling a few days earlier in Andriivka, in the Kharkiv region. Reuters
  • An onlooker takes in the damage from overnight shelling on Kharkiv's Housing and Communal College. Reuters
    An onlooker takes in the damage from overnight shelling on Kharkiv's Housing and Communal College. Reuters
  • A destroyed tank in the village of Novoselivka, outside Chernigiv. AFP
    A destroyed tank in the village of Novoselivka, outside Chernigiv. AFP
  • A man decorates a toy cabin for children made from used ammunition crates in the village of Novoselivka, outside Chernigiv. AFP
    A man decorates a toy cabin for children made from used ammunition crates in the village of Novoselivka, outside Chernigiv. AFP
  • An internal view of the Housing and Communal College building damaged by recent shelling in Kharkiv. EPA
    An internal view of the Housing and Communal College building damaged by recent shelling in Kharkiv. EPA

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: June 29, 2022, 9:27 AM