The french publisher was detained by police after arriving at London's St Pancras Station. AFP
The french publisher was detained by police after arriving at London's St Pancras Station. AFP
The french publisher was detained by police after arriving at London's St Pancras Station. AFP
The french publisher was detained by police after arriving at London's St Pancras Station. AFP

Police under fire over French publisher's arrest


Neil Murphy
  • English
  • Arabic

UK police faced criticism on Tuesday after arresting a French publisher under terrorism legislation for "obstructing" a probe allegedly prompted by recent pension reforms protests in France.

Ernest Moret, who works at left-wing French publisher Editions La Fabrique, was travelling to the London Book Fair.

He was detained by British border officers after arriving at London St Pancras railway station from Paris on Monday evening.

The Metropolitan police said they stopped him and arrested him the following day on suspicion of "wilfully obstructing a Schedule 7 examination".

Schedule 7 allows specially trained officers to search and detain individuals and goods passing through the UK's border to determine whether they may be involved or used in "acts of terrorism".

The London police force said on Tuesday afternoon their "enquiries continue" and Moret remained in custody, but by the evening updated that he had been released on bail.

The Met declined to provide any further details.

Moret's publisher and UK-based Verso Books branded his treatment "scandalous", while the National Union of Journalists (NUJ) called it "extraordinary".

In a joint statement, Editions La Fabrique and Verso Books said the officers allegedly detained him "to determine whether he was engaged in terrorist acts or in possession of material for use in terrorism".

"The police officers claimed that Ernest had participated in demonstrations in France as a justification for this act," they added, calling the stance "remarkably inappropriate" and indicative of "complicity between French and British authorities".

The publishers noted that police demanded he divulge the pin code to his phone, "with no justification or explanation offered".

"We consider these actions to be outrageous and unjustifiable infringements of basic principles of the freedom of expression and an example of the abuse of anti-terrorism laws," they said.

Moret had dozens of appointments with foreign publishers at the London Book Fair — taking place in the British capital from Tuesday to Thursday.

The NUJ's Pamela Morton added: "It seems extraordinary that the British police have acted this way in using terrorism legislation to arrest the publisher who was on legitimate business here."

Moret is the foreign rights manager for popular science fiction author Alain Damasio, as well as Editions La Fabrique.

An independent left-wing publisher, it specialises in essays by collectives, activists and philosophers.

France has been hit by months of sometimes violent protests over President Emmanuel Macron's widely unpopular pension reforms, with the left and unions staging ongoing demonstrations nationwide.

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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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Updated: April 19, 2023, 4:35 AM