Criticism mounts as Thai junta replaces martial law



BANGKOK // The Thai junta’s decision to lift martial law was denounced by critics on Thursday as cosmetic, with Washington and the United Nations warning that replacement security measures would not loosen the military’s grip on power.

Thailand’s generals officially lifted martial law late on Wednesday, 10 months after seizing power in a coup.

But the controversial law, which western allies had called on Bangkok to revoke, was replaced with a new executive order retaining sweeping powers for the military and junta chief Prayuth Chan-ocha.

Those measures were passed under Section 44 of the junta-written interim constitution, a controversial provision handing Mr Prayuth, who was appointed prime minister a few months after the coup, power to make any executive decision in the name of national security.

The new order includes a continued ban on political gatherings of more than five people, while the military retains the right to arrest, detain and prosecute people for national security crimes or those who fall foul of the country’s strict royal defamation laws.

A new rule also appears to deepen censorship of the media, by allowing military officers to stop the publication or presentation of any news they deem to be “causing fear or distorted information”.

The UN’s human rights chief Zeid Ra’ad Al Hussein described the new powers as “even more draconian” than martial law.

He added he was “alarmed” by the move “which bestows unlimited powers on the current prime minister without any judicial oversight at all”.

A US state department official said Washington expected the Thai military to end trials of civilians in military courts, detention without charge and to allow people to express their opinions freely.

“We are concerned that moving to a security order under Article 44 will not accomplish any of these objectives,” the official said.

Thai analysts and critics denounced the new measures.

“Section 44 is actually worse [than martial law],” constitutional scholar Khemthong Tonsakulrungruang of Bangkok’s Chulalongkorn University said, adding that the new order allows Mr Prayuth to execute key decisions without the oversight of a military court.

“When they ask for the martial law to be lifted, what the public is really asking for is the return of basic rights and liberties to Thais. Prayuth fails to understand that,” he said.

Political commentator Verapat Pariyawong described the move to replace martial law “with something even worse” as an “April Fool’s day trick”.

But the junta defended the order saying the potential remained for anti-coup protests to upset an uneasy peace imposed since the military power grab.

Mr Prayuth has vowed to return power to an elected civilian government, but only once reforms to tackle corruption and curb the power of political parties are codified in a new constitution.

* Agence France-Presse

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

Schedule
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SPECS
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Zombieland: Double Tap

Director: Ruben Fleischer

Stars: Woody Harrelson, Jesse Eisenberg, Emma Stone

Four out of five stars 

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
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  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
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Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

Who is Ramon Tribulietx?

Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role. 

While you're here

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

FIXTURES

Fixtures for Round 15 (all times UAE)

Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)

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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.”

US Industrial Market figures, Q1 2017

Vacancy Rate 5.4%

Markets With Positive Absorption 85.7 per cent

New Supply 55 million sq ft

New Supply to Inventory 0.4 per cent

Under Construction 198.2 million sq ft

(Source: Colliers)