LONDON // Jurors heard yesterday how a man accused of supplying the hammer used in the brutal attack of three Emirati sisters in their hotel room raided the bank accounts of one of them with stolen bank cards.
On Sunday, April 6, Philip Spence committed a violent assault on Khuloud Al Najjar, 36, and her sisters Ohoud, 34, and Fatima, 31, at their hotel room in central London.
On the night of the attack, Spence left Thomas Efremi’s home in Islington, north London, and made his way to the Cumberland Hotel near Marble Arch. Spence committed the violent assault on the sisters in their hotel room with a claw hammer that left all three with fractured skulls and life-threatening injuries.
Efremi’s role in the alleged conspiracy was to assist after the event with flogging the spoils of the raid, said prosecutor Simon Mayo QC.
After Spence fled the hotel carrying the stolen brown suitcase stuffed with valuables, he made his way to Efremi’s flat via two night buses.
Just five minutes after Spence arrived at the flat, Efremi headed out with stolen bank cards belonging to the youngest victim, Fatima.
She had kept her Pin hidden in her wallet inside her pink handbag, Southwark Crown Court heard.
Efremi caught a taxi and demanded that the driver took him to several cashpoints in town where he withdrew £5,000 (Dh29,641) in cash from the cards before they were blocked by the banks.
Two days later CCTV cameras captured Efremi splashing out on a new mobile phone in a Vodafone shop and visiting a Sports Direct store in Angel, north London.
Efremi, 57, refused to be interviewed following his arrest but referred to Spence as a “hotel creeper” – someone who breaks into hotels looking for somewhere to sleep.
“Let me make no bones about this, the prosecution say that Efremi knew a good deal more about what Philip Spence’s purpose was in visiting hotels and it was not for the purpose of finding somewhere to lay his head,” Mr Mayo said.
Efremi has racked up previous convictions dating back to 2003 for multiple offences of shoplifting.
He was convicted in June 2009 for possession of a false UK passport after trying to withdraw £18,000 from a bank.
In 2011, Efremi obtained details of a managing director at another bank and used them to request a new bank card under the assumed name.
Last year and this year he notched up further convictions after he was caught shoplifting.
Efremi uses a crutch to aid his walking and has attended each day of the trial in a smart suit and tie. He denies conspiracy to commit aggravated burglary.
The trial resumes on Monday.
newsdesk@thenational.ae
LEAGUE CUP QUARTER-FINAL DRAW
Stoke City v Tottenham
Brentford v Newcastle United
Arsenal v Manchester City
Everton v Manchester United
All ties are to be played the week commencing December 21.
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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.”
Results
Light Flyweight (49kg): Mirzakhmedov Nodirjon (UZB) beat Daniyal Sabit (KAZ) by points 5-0.
Flyweight (52kg): Zoirov Shakhobidin (UZB) beat Amit Panghol (IND) 3-2.
Bantamweight (56kg): Kharkhuu Enkh-Amar (MGL) beat Mirazizbek Mirzahalilov (UZB) 3-2.
Lightweight (60kg): Erdenebat Tsendbaatar (MGL) beat Daniyal Shahbakhsh (IRI) 5-0.
Light Welterweight (64kg): Baatarsukh Chinzorig (MGL) beat Shiva Thapa (IND) 3-2.
Welterweight (69kg): Bobo-Usmon Baturov (UZB) beat Ablaikhan Zhussupov (KAZ) RSC round-1.
Middleweight (75kg): Jafarov Saidjamshid (UZB) beat Abilkhan Amankul (KAZ) 4-1.
Light Heavyweight (81kg): Ruzmetov Dilshodbek (UZB) beat Meysam Gheshlaghi (IRI) 3-2.
Heavyweight (91kg): Sanjeet (IND) beat Vassiliy Levit (KAZ) 4-1.
Super Heavyweight ( 91kg): Jalolov Bakhodir (UZB) beat Kamshibek Kunkabayev (KAZ) 5-0.
Analysis
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
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Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
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- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5