Police officers stand guard as supporters of South Korean President Yoon Suk Yeol gather near the presidential residence in Seoul on Friday. Bloomberg
Police officers stand guard as supporters of South Korean President Yoon Suk Yeol gather near the presidential residence in Seoul on Friday. Bloomberg

Investigators fail to arrest South Korea's impeached President Yoon Suk Yeol



South Korean anti-corruption investigators have failed to arrest impeached President Yoon Suk Yeol after facing resistance from his security team and about 1,000 supporters gathered outside his residence on Friday.

Investigators arrived at Mr Yoon's residential compound with an arrest warrant over his attempt to impose martial law, in the latest political showdown between the suspended head of state and security officials.

Parliament impeached Mr Yoon after he declared martial law on December 3, and he was suspended from his duties on December 14. Prime Minister Han Duck-soo, who briefly stepped in as acting president, was also impeached. Finance Minister Choi Sang-mok is now the interim leader.

Mr Yoon is wanted for questioning in multiple investigations, including accusations of leading an insurrection – a crime punishable by life imprisonment or even the death penalty.

“Execution of the arrest warrant was virtually impossible due to the continued standoff,” the investigation office said in a statement. “Future measures will be decided after a review. We express our deepest regret over the suspect’s refusal to comply with legal procedures.”

It scheduled a public briefing later on Friday.

A Seoul court issued a warrant for Mr Yoon's detention on Tuesday after he evaded multiple requests to appear for questioning and blocked searches of his office in Seoul.

In his first public statement in weeks, Mr Yoon said he would “fight to the end” against “anti-state forces”.

Four hours after dozens of investigators and police officers were seen entering the gate of his residence to execute a warrant for Yoon’s detention, the dramatic scene appeared to have developed into a standoff.

A group of pro-Yoon protesters braved subfreezing temperatures for hours, waving South Korean and American flags while chanting slogans in his support. Some shouted “Arrest Lee Jae-myung”, the opposition leader seen as a top contender to take power if Mr Yoon is removed from office.

The president’s lawyers described the warrant as “invalid” and “illegal” and said the presidential security force could arrest police trying to execute it.

Seok Dong-hyeon, one of several lawyers on Mr Yoon’s legal team, confirmed that the investigators arrived at the building but said it was unlikely that they would be able to detain the president on Friday. He said the agency’s efforts to detain Mr Yoon were “reckless” and showed an “outrageous discard for law”.

The standoff prompted the liberal opposition Democratic Party to call on Mr Choi to order the presidential security service to stand down.

Mr Choi must “remember that swiftly addressing the rebellion and preventing further chaos is your responsibility,” said Jo Seung-lae, a Democratic lawmaker.

The warrant is valid for one week, and investigators may make another attempt to detain Mr Yoon if they are unable to do so on Friday.

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Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books

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Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"

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Engine: 2.7-litre 4-cylinder Turbomax
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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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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

Updated: January 03, 2025, 10:04 AM