• Law enforcement officers continue their investigation at the scene of a mass shooting at a July 4 celebration and parade in Highland Park, Illinois. EPA
    Law enforcement officers continue their investigation at the scene of a mass shooting at a July 4 celebration and parade in Highland Park, Illinois. EPA
  • An aerial photo made with a drone shows US police investigating the scene of the mass shooting. EPA
    An aerial photo made with a drone shows US police investigating the scene of the mass shooting. EPA
  • US police inspect chairs and belongings left behind at the scene. AFP
    US police inspect chairs and belongings left behind at the scene. AFP
  • Belongings lie abandoned along the parade route. Reuters
    Belongings lie abandoned along the parade route. Reuters
  • The gunman, identified as Robert Crimo, opened fire as people gathered to watch the July 4 parade. EPA
    The gunman, identified as Robert Crimo, opened fire as people gathered to watch the July 4 parade. EPA
  • A man collects chairs that were abandoned by people fleeing the scene. EPA
    A man collects chairs that were abandoned by people fleeing the scene. EPA
  • Flowers line the sidewalk near the scene of the mass shooting. EPA
    Flowers line the sidewalk near the scene of the mass shooting. EPA
  • US police continue their investigation into the shooting. EPA
    US police continue their investigation into the shooting. EPA
  • A couple retrieve two car seats near the parade route. Chicago Tribune / AP
    A couple retrieve two car seats near the parade route. Chicago Tribune / AP
  • A community member organises abandoned belongings. Reuters
    A community member organises abandoned belongings. Reuters
  • Members of the FBI's evidence response team walk the scene one day after the mass shooting. AP
    Members of the FBI's evidence response team walk the scene one day after the mass shooting. AP
  • A US flag and a chair lie abandoned along the parade route. Reuters
    A US flag and a chair lie abandoned along the parade route. Reuters
  • Spray paint on the ground marks evidence along the parade route. Reuters
    Spray paint on the ground marks evidence along the parade route. Reuters

World

US

July 4 mass shooting: Highland Park gunman indicted on 117 counts

Attack was part of a recent flare-up of shootings that has renewed debate about US gun violence

Reuters

July 27, 2022

  • English
  • Arabic

An Illinois man accused of shooting into a crowd watching a Chicago Independence Day parade was indicted by a grand jury on 117 counts, including 21 of first-degree murder, the state attorney's office said on Wednesday.

Robert Crimo has been held without bail since he was arrested after the shooting at the July Fourth celebration in Highland Park killed seven people and injured more than three dozen.

Mr Crimo is set to appear in court on August 3 for his arraignment, the Lake County State Attorney's office said.

Under the US legal system, a prosecutor can convene a panel of citizens, or a grand jury, that has the power to decide whether there is sufficient evidence to bring a defendant to trial.

If convicted on the murder charges, he would face a mandatory sentence of life in prison without the possibility of parole, Eric Reinhart, the state attorney for Lake County, said the day after the shooting.

The bloodshed was part of a recent flare-up of mass shootings that has renewed debate about gun violence in the US.

It followed an attack in Uvalde, Texas, in which 19 schoolchildren and two teachers were killed, and a shooting rampage at a supermarket in a predominately black neighbourhood of Buffalo, New York, in which 10 people were murdered.

Prosecutors said Mr Crimo had planned the attack for weeks before climbing to a rooftop and firing more than 70 rounds at parade spectators.

He then made his getaway dressed in women's clothing and make-up to cover his facial tattoos, they said.

The Smith and Wesson semi-automatic rifle, similar to an AR-15, used in the shooting was found at the scene.

The suspect had a similar weapon in his mother's car, which he was driving when he was arrested, county prosecutors said.

Police said they had no immediate evidence of any anti-Semitic or racist basis for the attack. The area has a large Jewish community.

Investigators were reviewing videos containing violent images, which Mr Crimo had posted on social media.

The Lake County Sheriff's office said he legally bought five guns, rifles and pistols, despite having come to law enforcement's attention two times earlier for alleged behaviour suggesting he might harm himself or others.

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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.”

Key recommendations
  • Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
  • Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
  • Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
  • More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
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While you're here
On Women's Day
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Updated: July 27, 2022, 10:36 PM
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