An independent review of security was carried out at the British Museum in London. PA
An independent review of security was carried out at the British Museum in London. PA
An independent review of security was carried out at the British Museum in London. PA
An independent review of security was carried out at the British Museum in London. PA

British Museum staff member sacked over stolen artefacts


Soraya Ebrahimi
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Items from a collection at London's British Museum have been found to be missing, stolen or damaged.

An independent review of security at the museum, which houses artefacts from around the world, found that some items were missing, leading to a staff member being dismissed.

The economic crime command of the Metropolitan Police is now investigating.

“The museum apologises for what has happened, but we have now brought an end to this – and we are determined to put things right,” said Hartwig Fischer, director of the British Museum.

“We have already tightened our security arrangements and we are working alongside outside experts to complete a definitive account of what is missing, damaged and stolen. This will allow us to throw our efforts into the recovery of objects.”

The items include gold jewellery, semi-precious gemstones and glass dating from the 15th century BC to the 19th century AD.

The museum described them as small pieces, which had not recently been on public display and were mainly used for research and academic work.

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“The trustees of the British Museum were extremely concerned when we learnt earlier this year that items of the collection had been stolen,” said George Osborne, chairman of the British Museum.

“The trustees have taken decisive action to deal with the situation, working with the team at the museum.

“We called in the police, imposed emergency measures to increase security, set up an independent review into what happened and lessons to learn, and used all the disciplinary powers available to us to deal with the individual we believe to be responsible.

“Our priority is now threefold: first, to recover the stolen items; second, to find out what, if anything, could have been done to stop this; and third, to do whatever it takes, with investment in security and collection records, to make sure this doesn’t happen again.

“This incident only reinforces the case for the reimagination of the museum we have embarked upon. It’s a sad day for all who love our British Museum, but we’re determined to right the wrongs and use the experience to build a stronger museum.”

A review will be led by former trustee Sir Nigel Boardman, and Chief Constable of the British Transport Police Lucy D’Orsi.

They will provide recommendations regarding future security arrangements and start “a vigorous programme to recover the missing items”, according to the museum.

“The recovery programme will work to ensure the stolen items are returned to the museum,” Sir Nigel said.

“It will be a painstaking job, involving internal and external experts, but this is an absolute priority – however long it takes – and we are grateful for the help we have already received.”

PA news agency reported that the items were taken before 2023 and over a “significant” period of time.

“We have been working alongside the British Museum,” a representative for the Met Police said.

“There is currently an ongoing investigation – there is no arrest and inquiries continue. We will not be providing any further information at this time.”

Items have gone missing from the museum in previous years, including a number of coins and medals in the 1970s. A 1993 break-in also resulted in the loss of several Roman coins.

In 2002, the museum reviewed security following a 2,500-year-old Greek statue being stolen by a member of the public.

The institution said at the time that the Greek Archaic Gallery had been open to the public but there was no permanent guard on duty when the 12cm-high marble head was taken.

Two years later, gems that originated in China also went missing.

In 2017, it was revealed a £750,000 ($956,000) Cartier ring diamond from the heritage asset collection had been reported absent in 2011.

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: August 17, 2023, 4:32 AM