UK denies would-be bomber parole



LONDON // A Jordanian serving 45 years in a British prison for trying to blow up an Israeli airliner with explosives he hid in his girlfriend's luggage, has lost his latest bid for parole.

Britain's parole board had previously recommended the release of Nezar Hindawi, only for successive Labour and Conservative justice secretaries to overrule it.

Now, a change in the law means that ministers can no longer quash parole board decisions in cases such as Hindawi's, and it had been widely assumed that the lengthy legal battle to get him freed from the longest specified sentence imposed by an English court, would finally be successful.

In 2009, the Parole Board recommended that Hindawi be released after serving 23 years in prison because he posed "no more than a minimal risk to the public and his remaining risk could be safely managed".

Now, however, the board appears to have changed its mind and recommended Hindawi, 57, not be released this year. No explanation has been made public.

It was in April, 1986, that Hindawi tricked his then fiancée, Anne Murphy, a 32-year-old Irish woman pregnant with his child, into carrying a bomb on to an El Al airliner leaving London Heathrow for Tel Aviv.

Israeli agents became suspicious and intercepted her luggage. They found three pounds of Semtex plastic explosive hidden among her clothes by Hindawi, who had joined the PLO after his village was burnt during the Six Day War.

Hindawi became eligible to be considered for parole in 2001 after serving a third of his sentence. But successive government ministers have rejected his early release, sparking a series of legal battles. The most recent was last year after a decision in November 2009 by Labour Justice Secretary Jack Straw, subsequently upheld by his Conservative successor Ken Clarke, to reject the parole board decision that Hindawi be released early.

Lawyers for Hindawi claimed that ministers were ignoring the board's advice because they were "implacably opposed" to his early release, and took the case to the High Court in London, where judges quashed the parole refusals saying they were "unfair and legally flawed".

Both sides in the case last April agreed that the matter should be referred back to the parole board for a final decision.

A spokesman for the board said: "It is not the policy of the board to comment on or confirm its decisions or reasons in individual cases such as this."

Meanwhile, Ms Murphy, 57, has won approval from the High Court in Dublin to commence a defamation action against slate.com, a website owned by The Washington Post. dsapstead@thenational.ae

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Fireball

Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.

A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.

"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.

Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.

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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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