Federal prosecutors in the state of New York charged Andrey Muraviev with two counts of violating campaign finance law by contributing to US political candidates with the help of Rudy Giuliani's associates. Reuters
Federal prosecutors in the state of New York charged Andrey Muraviev with two counts of violating campaign finance law by contributing to US political candidates with the help of Rudy Giuliani's associates. Reuters
Federal prosecutors in the state of New York charged Andrey Muraviev with two counts of violating campaign finance law by contributing to US political candidates with the help of Rudy Giuliani's associates. Reuters
Federal prosecutors in the state of New York charged Andrey Muraviev with two counts of violating campaign finance law by contributing to US political candidates with the help of Rudy Giuliani's assoc

US charges Russian businessman in case involving Giuliani associates


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A US court on Monday unsealed campaign finance violation charges against Russian businessman Andrey Muraviev as part of a case implicating two associates of former president Donald Trump's personal lawyer Rudy Giuliani.

Federal prosecutors in the state of New York charged Mr Muraviev with two counts of violating campaign finance law by contributing to US political candidates with the help of Mr Giuliani's associates Lev Parnas and Igor Fruman.

Foreign citizens are barred from donating funds to US election campaigns.

The court had kept the indictment sealed since it was filed on September 17, 2020, with Monday's unsealing coming as Washington moves to hit wealthy Russian businessmen with sanctions, asset seizures and criminal charges in a bid to pressure Russian President Vladimir Putin to end the war in Ukraine.

Parnas was convicted of six counts of campaign finance offences in October, with prosecutors saying he used $100,000 from Mr Muraviev to donate to candidates who could help him and Fruman obtain licences to operate legal cannabis companies in the US.

“[Mr Muraviev] attempted to corrupt our political system to advance his business interests,” US Attorney for the Southern District of New York Damian Williams said on Monday.

He added that his office would continue “rooting out efforts by foreigners to interfere with our elections".

Fruman had earlier pleaded guilty to one count of soliciting money from a foreign citizen for a political campaign.

Parnas and Fruman, who were born in Ukraine and Belarus, respectively, are best known for helping Mr Giuliani investigate President Joe Biden before the 2020 US presidential election.

Mr Giuliani, also a former New York City mayor, has not been charged with any crime and has denied wrongdoing.

Andrey Kukushkin, a Ukraine-born California businessman who worked with Mr Muraviev, was convicted of campaign offences alongside Fruman last year.

His lawyer on Monday said he was hoping to help the Ukraine war relief effort in lieu of serving prison time.

Since Russia's invasion of Ukraine, the Biden administration has imposed sweeping sanctions against Russian banks, companies and key individuals as well as a ban on energy imports from the country.

Reuters contributed to this report

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Maratha Arabians 138-2

C Lynn 91*, A Lyth 20, B Laughlin 1-15

Team Abu Dhabi 114-3

L Wright 40*, L Malinga 0-13, M McClenaghan 1-17

Maratha Arabians won by 24 runs

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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.”

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Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results

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Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it

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Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa

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Favourite holiday destination: Turkey - because the government look after animals so well there.

Favourite film: I love scary movies. I have so many favourites but The Ring stands out.

Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.

Favourite colour: Black.

Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.

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Updated: March 14, 2022, 9:59 PM