Britain's Prince Andrew has not been criminally charged and has denied the allegations. AP
Britain's Prince Andrew has not been criminally charged and has denied the allegations. AP
Britain's Prince Andrew has not been criminally charged and has denied the allegations. AP
Britain's Prince Andrew has not been criminally charged and has denied the allegations. AP

Prince Andrew's sex assault case formally closed after settlement paid


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A sexual assault lawsuit against Prince Andrew by his longtime accuser has been formally dismissed after the disgraced British royal paid a financial settlement, court documents showed on Tuesday.

Lawyers for Prince Andrew and Virginia Giuffre, who accused him of sexually abusing her when she was 17, formally asked a judge to dismiss the lawsuit on Tuesday.

In February, the parties had settled out of court for an undisclosed sum, sparing the second son of Queen Elizabeth II a trial.

Both parties filed a “stipulation of dismissal” of the case in federal court in New York, which was signed by Judge Lewis Kaplan on Tuesday.

Last month's agreement had stated that the parties would file a motion for dismissal “upon Ms Giuffre's receipt of the settlement,” suggesting the settlement has been paid.

Ms Giuffre, 38, has said she had sex with Prince Andrew when she was 17 — a minor under US law — after meeting him through disgraced American financier Jeffrey Epstein.

Epstein took his own life in a New York City jail cell in 2019 while awaiting his own trial for sex crimes.

The prince, now 61, has not been criminally charged and has denied the allegations.

The Daily Telegraph newspaper reported that Prince Andrew was to pay $13.1 million to Ms Giuffre and $2.6 million to a charity for victims of sex trafficking.

In January, Prince Andrew was stripped of his honorary military titles and his remaining charitable roles.

He withdrew from public life as a royal in 2019 after a widely ridiculed BBC interview in which he sought to absolve himself of Ms Giuffre's accusation.

Prince Andrew through the years - in pictures

  • Prince Andrew, centre, at the funeral of Prince Philip, Duke of Edinburgh, at Windsor Castle alongside Prince William, Prince Harry and Prince Edward in April 2021. All photos: Getty Images
    Prince Andrew, centre, at the funeral of Prince Philip, Duke of Edinburgh, at Windsor Castle alongside Prince William, Prince Harry and Prince Edward in April 2021. All photos: Getty Images
  • US president Donald Trump and his wife Melania, alongside Prince Andrew at the Tomb of the Unknown Warrior in Westminster Abbey in 2019.
    US president Donald Trump and his wife Melania, alongside Prince Andrew at the Tomb of the Unknown Warrior in Westminster Abbey in 2019.
  • Queen Elizabeth II and Prince Andrew arrive for the Royal Garden Party at Buckingham Palace in May 2019.
    Queen Elizabeth II and Prince Andrew arrive for the Royal Garden Party at Buckingham Palace in May 2019.
  • Princess Eugenie walks down the aisle with her father, Prince Andrew for her wedding to Jack Brooksbank at St George's Chapel in Windsor Castle in October 2018.
    Princess Eugenie walks down the aisle with her father, Prince Andrew for her wedding to Jack Brooksbank at St George's Chapel in Windsor Castle in October 2018.
  • Prince Andrew and Prince Charles attend the Order of the Garter Service at St George's Chapel in Windsor Castle in June 2015.
    Prince Andrew and Prince Charles attend the Order of the Garter Service at St George's Chapel in Windsor Castle in June 2015.
  • Queen Elizabeth II is presented The Gold Cup by Prince Andrew after her horse Estimate won during Ladies Day of Royal Ascot in 2013.
    Queen Elizabeth II is presented The Gold Cup by Prince Andrew after her horse Estimate won during Ladies Day of Royal Ascot in 2013.
  • Prince Andrew abseils down the Shard tower in London to raise money for charity in 2012.
    Prince Andrew abseils down the Shard tower in London to raise money for charity in 2012.
  • Prince Andrew, Sarah, Duchess of York and their daughter, Princess Beatrice, following her graduation ceremony at Goldsmiths College in 2011.
    Prince Andrew, Sarah, Duchess of York and their daughter, Princess Beatrice, following her graduation ceremony at Goldsmiths College in 2011.
  • Prince Andrew inspects the parade at The Royal Military Academy in Sandhurst, in 2002, during the 138th Sovereign's Parade.
    Prince Andrew inspects the parade at The Royal Military Academy in Sandhurst, in 2002, during the 138th Sovereign's Parade.
  • Wearing a traditional Guatemalan ceremonial jacket, Prince Andrew turns on the tap inaugurating an irrigation system in Nevaj, Guatemala, in 2002.
    Wearing a traditional Guatemalan ceremonial jacket, Prince Andrew turns on the tap inaugurating an irrigation system in Nevaj, Guatemala, in 2002.
  • The wedding of Prince Andrew and Sarah Ferguson at Westminster Abbey, London, in July 1986.
    The wedding of Prince Andrew and Sarah Ferguson at Westminster Abbey, London, in July 1986.
  • Actors Michael Caine, Dudley Moore, singer Tom Jones and Prince Andrew, who is holding a cartoon of himself, attend a gala dinner to honour the prince by the British Olympic Association at the Beverly Wilshire Hotel in Beverly Hills, California, in 1984.
    Actors Michael Caine, Dudley Moore, singer Tom Jones and Prince Andrew, who is holding a cartoon of himself, attend a gala dinner to honour the prince by the British Olympic Association at the Beverly Wilshire Hotel in Beverly Hills, California, in 1984.
  • Prince Andrew visits the California Science Centre, Los Angeles, in 1984.
    Prince Andrew visits the California Science Centre, Los Angeles, in 1984.
  • Prince Andrew, Viscount Linley, Lady Sarah Armstrong-Jones and Queen Elizabeth, The Queen Mother, celebrating the Queen Mother's 76th birthday in the grounds of Clarence House in London, in 1976.
    Prince Andrew, Viscount Linley, Lady Sarah Armstrong-Jones and Queen Elizabeth, The Queen Mother, celebrating the Queen Mother's 76th birthday in the grounds of Clarence House in London, in 1976.
  • Queen Elizabeth II is pictured with her sons Prince Andrew, right, and Prince Edward as Prince Edward starts his first day at Heatherdown Preparatory School near Ascot in 1972.
    Queen Elizabeth II is pictured with her sons Prince Andrew, right, and Prince Edward as Prince Edward starts his first day at Heatherdown Preparatory School near Ascot in 1972.
  • Prince Andrew attends a Battle Royal review of the troops of the Household Division at Long Valley, Aldershot, in 1971.
    Prince Andrew attends a Battle Royal review of the troops of the Household Division at Long Valley, Aldershot, in 1971.
  • Prince Andrew at the window of Buckingham Palace in London, in 1966.
    Prince Andrew at the window of Buckingham Palace in London, in 1966.
THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

All Black 39-12 British & Irish Lions

Lions tour fixtures

3 JuneProvincial BarbariansWon 13-7

7 JuneBluesLost 22-16

10 JuneCrusadersWon 12-3

13 JuneHighlandersLost 23-22

17 JuneMaori All BlacksWon 32-10

20 JuneChiefsWon 34-6

24 JuneNew ZealandLost 30-15

27 JuneHurricanes

1 JulyNew Zealand

8 JulyNew Zealand

%20Ramez%20Gab%20Min%20El%20Akher
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New Zealand 57-0 South Africa

Tries: Rieko Ioane, Nehe Milner-Skudder (2), Scott Barrett, Brodie Retallick, Ofa Tu'ungfasi, Lima Sopoaga, Codie Taylor. Conversions: Beauden Barrett (7). Penalty: Beauden Barrett

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.”

Profile

Company: Libra Project

Based: Masdar City, ADGM, London and Delaware

Launch year: 2017

Size: A team of 12 with six employed full-time

Sector: Renewable energy

Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.

The specs

Engine: 2.0-litre 4-cylinder turbo hybrid

Transmission: eight-speed automatic

Power: 390bhp

Torque: 400Nm

Price: Dh340,000 ($92,579

Dunki
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Updated: March 09, 2022, 4:25 AM