Sharjeel Khan slapped with five-year ban for spot-fixing in Pakistan Super League cricket
Left-handed opener, provisionally suspended along with fellow opener Khalid Latif in February, charged with role in fixing during match between Islamabad United and Peshawar Zalmi.
Pakistan's anti-corruption tribunal on Wednesday banned opener Sharjeel Khan for five years over a spot-fixing case that has rocked the Pakistan Super League, the latest scandal to taint the sport in the cricket-crazy country.
The 28-year-old dashing left-handed batsman had been provisionally suspended along with fellow opener Khalid Latif in February for violating the Pakistan Cricket Board's (PCB) anti-corruption code.
The charges centred on a match between Islamabad United and Peshawar Zalmi in Dubai that same month.
Off four balls, Sharjeel scored a single, failed to score off two deliveries and was then out.
Spot-fixing involves bets on the outcome of a particular passage of play, unlike match-fixing in which there is an attempt to prearrange the result.
Latif, who did not play in the game, was alleged to have orchestrated the deal.
Both were also charged for not reporting the matter to the PCB's anti-corruption unit, resulting in an additional six month suspension for Sharjeel.
"Sharjeel is banned for five years, which has two-and-a-half years suspended," said Asghat Haider, who headed the three-member tribunal.
"We hold that the participant [Sharjeel] has committed all offences as charged by the PCB under its code."
Former PCB head Tauqir Zia and former Pakistan captain Wasim Bari were the other members of the tribunal formed in March.
Under the PCB code players can appeal rulings before an independent arbitrator within 14 days of the decision.
The tribunal is expected to rule on Khalid Latif's case next month.
Jamshed, who is being investigated by Britain's National Crime Agency, was said to be the "go-between" linking the players and the bookie.
His case and Hasan's is still under investigation by the tribunal.
Sharjeel's career blossomed last year when he cracked a hundred in the first edition of the Pakistan Super League. He then hit a blistering career-best 152 against Ireland and has played for Pakistan in all three formats.
The proceedings included testimony from Andrew Ephgrave, operations manager of Britain's National Crime Agency (NCA) and from Ronnie Flanagan, head of the International Cricket Council's (ICC) anti-corruption unit.
The NCA was said to have passed the initial information on the fixing to the ICC, which later informed the PCB of the allegation.
Sharjeel's lawyer Shaigan Ijaz said they would appeal against the verdict. "We have reservations over the decision because the fixing could not be proved," Ijaz said.
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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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