Former Scottish first minister Nicola Sturgeon's husband was arrested and then released on Wednesday without charge as part of an investigation into the Scottish National Party's finances, her representative said.
Ms Sturgeon said she will “fully co-operate if required” with police and that she had “no prior knowledge of Police Scotland’s action or intentions” after Peter Murrell was arrested and later released “pending further investigation”.
The long-running police investigation and arrest relates to the spending of about £600,000 ($748,000), which was earmarked for Scottish independence campaigning.
Mr Murrell, Ms Sturgeon’s husband since 2010, stepped down as the SNP’s chief executive last month after a controversy over misleading information being given to journalists on the party’s membership numbers.
“It would not be appropriate to comment on a live police investigation,” a representative for Ms Sturgeon said in a statement.
“Nicola Sturgeon had no prior knowledge of Police Scotland’s action or intentions.
“Ms Sturgeon will fully co-operate with Police Scotland if required. However, at this time no such request has been made.”
On Wednesday evening, a Police Scotland representative said Mr Murrell had been released without charge.
“A 58-year-old man who was arrested as a suspect earlier today in connection with the ongoing investigation into the funding and finances of the Scottish National Party, has been released without charge pending further investigation,” they said.
“The man was questioned by Police Scotland detectives after he was arrested at 7.45am. He was released from custody at 6.57pm.
“Officers also carried out searches today at a number of addresses as part of the investigation.
“A report will be sent to the Crown Office and Procurator Fiscal Service.
“The matter remains active for the purposes of the Contempt of Court Act 1981 and the public are therefore advised to exercise caution if discussing it on social media.
“As the investigation is ongoing, we are unable to comment further.”
Nicola Sturgeon's husband Peter Murrell arrested — in pictures
A blue tent had been set up in the front garden of the Glasgow house belonging to Ms Sturgeon and Mr Murrell early on Wednesday morning, and police taped off the area.
In the afternoon, officers, one of whom was carrying two spades, could be seen in the back garden, although it is unclear why the officer had the tools.
First Minister Humza Yousaf, who took over from Ms Sturgeon last week, earlier described the arrest as a “difficult day”.
“My reaction, as you’d imagine, much like anybody involved in the SNP, is that this is a difficulty for the party,” he said on Wednesday.
“But, again, I’d just reiterate and emphasise, it’s so important for me not to comment on a live police investigation and be seen to prejudice that in any way, shape or form.
“I think there’ll be concern from the public but, again, there is a live police investigation under way and we will wait to see what comes at the conclusion of that police investigation.”
Ms Sturgeon unexpectedly announced her resignation as first minister on February 15, although she said this was not in relation to short-term pressures but because she knew in her “head and heart” that the time was right to go.
During her Bute House press conference, she was asked if she expected to be interviewed in relation to the investigation into the party’s finances and said she did not.
On Thursday, Alex Neil, a former minister in Ms Sturgeon's government, questioned whether she knew about the impending arrest of her husband at the time of her resignation.
He told Radio 4: "Well Nicola did resign very suddenly and everyone and their granny knew about this investigation. And there were very strong rumours over the last couple of months that some kind of arrest was possibly imminent. So it is hard to believe it wasn’t a factor in Nicola’s consideration.
"I’m sure she didn’t have any specific knowledge about what was going to happen yesterday, but given that a large number of people had been interviewed, including staff at SNP headquarters, it’s hard to believe that Nicola wasn’t aware the coming to a head, to some extent," he said.
"And if that was the case, you can understand why she would not want to be first minister when this happened. So I can’t say definitely one way or another. But I think most people would conclude it might well have been, and was probably likely to have been a factor in her decision to resign when she did," Mr Neil added.
In the SNP leadership contest to pick a new leader, Mr Murrell announced he was stepping down from the role he had held for more than 20 years.
It came during a row over the party’s membership numbers, which had dropped by about 30,000 in the past year, something the party had previously denied.
In December, it emerged that Mr Murrell had lent the SNP £100,000 in June 2021, but the party said this was to help with a “cash flow” issue after the election that year.
“The resources that he lent the party were resources that belonged to him,” Ms Sturgeon said at the time.
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
What can victims do?
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Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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KILLING OF QASSEM SULEIMANI
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.”