Officers from Police Scotland outside the home of former chief executive of the Scottish National Party (SNP) Peter Murrell. The motorhome was reportedly seized from outside his mother's home on the same day. PA
Officers from Police Scotland outside the home of former chief executive of the Scottish National Party (SNP) Peter Murrell. The motorhome was reportedly seized from outside his mother's home on the same day. PA
Officers from Police Scotland outside the home of former chief executive of the Scottish National Party (SNP) Peter Murrell. The motorhome was reportedly seized from outside his mother's home on the same day. PA
Officers from Police Scotland outside the home of former chief executive of the Scottish National Party (SNP) Peter Murrell. The motorhome was reportedly seized from outside his mother's home on the s

Luxury camper van seized in investigation into Scottish National Party finances


Gillian Duncan
  • English
  • Arabic

A luxury camper van has been seized by police as part of an investigation into the Scottish National Party’s funding and finances.

The Niesmann+Bischoff motorhome, worth about £110,000, was taken from a house in Fife around the same time police searched the home of Nicola Sturgeon and husband Peter Murrell, according to the Mail on Sunday.

The vehicle was seized from outside the home of Mr Murrell's mother, Margaret Murrell, it said.

A neighbour described how officers in two unmarked police cars took the vehicle from the driveway of the “modest bungalow”.

“It happened at about 9am, which is about the same time they started raiding Peter's house I think,” the witness told the Mail. “They did not go into the house, as Margaret is quite old now and they would not have wanted to disturb her.

“They couldn't get into the motorhome at first because it was locked and it had clamps on it so they had to get some keys from somewhere. They went off but came back and managed to get it open. Then they loaded it on the back of a huge lorry and — after a bit of trouble securing it — took it away.”

Mr Murrell was arrested and detained for more than 11 hours on Wednesday as part of a police investigation into the funding and finances of the SNP. He was released without charge pending further investigation.

Police also erected a tent and spent two days searching the couple’s house in Glasgow on Wednesday and Thursday.

The party’s Edinburgh headquarters was also searched, with boxes of items removed.

Mr Murrell, who has been married to Ms Sturgeon since 2010, resigned as SNP chief executive last month, a role he had held since 1999.

Police Scotland are probing the spending of around £600,000 which was earmarked for an independence campaign.

Nicola Sturgeon's husband Peter Murrell arrested — in pictures

  • Peter Murrell, the husband of Scotland's former first minister, Nicola Sturgeon, has been arrested in connection with a police investigation into the funding and finances of the Scottish National Party. Getty
    Peter Murrell, the husband of Scotland's former first minister, Nicola Sturgeon, has been arrested in connection with a police investigation into the funding and finances of the Scottish National Party. Getty
  • Police officers at the home of Mr Murrell and Ms Sturgeon in Glasgow. Getty
    Police officers at the home of Mr Murrell and Ms Sturgeon in Glasgow. Getty
  • Police outside the headquarters of the SNP in Edinburgh. PA
    Police outside the headquarters of the SNP in Edinburgh. PA
  • Officers outside the couple's home. PA
    Officers outside the couple's home. PA
  • Officers at the headquarters of the SNP. PA
    Officers at the headquarters of the SNP. PA
  • Mr Murrell resigned as SNP chief executive last month amid reports that members of the party's National Executive Committee had threatened a vote of no confidence. PA
    Mr Murrell resigned as SNP chief executive last month amid reports that members of the party's National Executive Committee had threatened a vote of no confidence. PA
  • Officers are carrying out searches at several addresses as part of the investigation, including the couple's home in Glasgow and the SNP party's headquarters in Edinburgh. Getty
    Officers are carrying out searches at several addresses as part of the investigation, including the couple's home in Glasgow and the SNP party's headquarters in Edinburgh. Getty

The force launched a formal investigation into the SNP’s finances in the summer of 2021 after receiving seven complaints about how donations were spent.

The party had pledged to ring-fence more than £660,000 ($818,790) raised for a second referendum on Scottish independence — but the money was allegedly spent instead.

The SNP had less than £97,000 in the bank in late 2019 and total assets of about £272,000.

The investigation has been described by SNP president Mike Russell as the party's biggest crisis in 50 years.

On Saturday, Ms Sturgeon spoke publicly for the first time since her husband's arrest, addressing reporters outside her home.

In a short statement, she said the last few days had been “obviously difficult” and that she would “fully co-operate” with the police investigation.

She said Mr Murrell is home but “not able to say anything” about his arrest while the inquiry continues.

“Again, that's not necessarily a matter of choice. That's just the nature of this,” she added.

The Glasgow Southside MSP said she intends to “get on with life and my job, as you would expect me to”.

On Friday it emerged that the accountancy firm which had audited the SNP's books for more than a decade had resigned.

Johnston Carmichael reportedly informed the party of the decision before Mr Murrell's arrest.

The party's treasurer is now seeking another auditor in order to comply with Electoral Commission rules.

Police Scotland have said their investigation is continuing.

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.

 

 

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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.”

Updated: April 09, 2023, 11:38 AM