The Sasanian rock relief sculpture, which was seized by UK border patrol officers, will be displayed at the British Museum before being returned to Iran. Reuters
The Sasanian rock relief sculpture, which was seized by UK border patrol officers, will be displayed at the British Museum before being returned to Iran. Reuters
The Sasanian rock relief sculpture, which was seized by UK border patrol officers, will be displayed at the British Museum before being returned to Iran. Reuters
The Sasanian rock relief sculpture, which was seized by UK border patrol officers, will be displayed at the British Museum before being returned to Iran. Reuters

Restored Iranian carving seized by UK border patrol to go on display at British Museum


Marwa Hassan
  • English
  • Arabic

A fragment of an ancient Iranian sculpture, which could be valued at more than £30m, has been seized by UK border patrol officers.

The Sasanian rock relief, which is more than a metre tall and was carved about 1,800 years ago, had been gouged from a cliff in Iran with an angle grinder before being smuggled to Britain.

It was intercepted by Border Force officers at Stansted airport after they became suspicious of the haphazard packaging.

The relief, which depicts a male figure carved in the 3rd century AD, was apparently intended for the black market.

The sculpture is so unique and valuable that it will never be sold, despite its potential value.

It is carved from calcareous limestone, which is common across Iran, making it impossible to pinpoint its exact location.

Only about 30 known Sasanian rock reliefs exist, mostly dating back to the third century, and almost all are in a relatively small area of Iran, in Fars province.

The lack of an inscription makes it impossible to identify the person depicted, but the figure's dress and diademed headdress signify him as a person of high rank.

The successful Operation Pandora VI, led by Spain, involved actions in airports and at border crossing points across 28 countries, resulting in the seizure of thousands of priceless artefacts. PA
The successful Operation Pandora VI, led by Spain, involved actions in airports and at border crossing points across 28 countries, resulting in the seizure of thousands of priceless artefacts. PA

The gesture of greeting and submission with a raised bent forefinger is a feature of Sasanian art when figures are in the presence of royalty, which suggests that this was part of a larger composition.

The artefact was part of Operation Pandora VI, which involved actions in airports and at border crossing points and was led by Spain.

The case has been investigated by Interpol and the National Crime Agency, but no arrests have been made so far. The sender, recipient and destination of the package was a UK internet auction site, which claimed it was not expecting it.

The British Museum, which repaired the broken sculpture after it was formally forfeited to the Crown, has received permission from the Iranian government to display the artefact for three months before sending it to the National Museum in Tehran.

Dr St John Simpson, a senior curator and archaeologist in the British Museum’s department of the Middle East, said that looters were undeterred by severe penalties for trafficking antiquities, including the death penalty in Iran.

Despite this, the number of Iranian artefacts on the black market has increased in recent years, he added.

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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

UAE currency: the story behind the money in your pockets
Updated: April 01, 2023, 6:06 PM