Libya probes missing Lebanon cleric



BEIRUT //Thirty-three years after a popular Lebanese Shia cleric disappeared in Libya, his family, supporters and the political movement he founded still hold out hope that he is alive.

After three decades of almost no information on the whereabouts of Imam Mousa al Sadr, the uprising in Libya has generated renewed interest, as opposition figures and defecting members of Muammar Qaddafi's crumbling regime have spoken out about the old mystery.

Members of the Libyan opposition have alleged that Imam al Sadr, the founder of the Amal movement, and his two travelling companions - Sheikh Mohammed Yacoub and Abbas Badreddine, a journalist - are still being held in a Libyan prison.

Others, such as Major Abdel Moneim al Houni, a former member of the regime, have said that Col Qaddafi ordered the murder of the Shia cleric after he arrived in Libya in 1978, and that he was buried in the southern town of Sabha.

Despite the contradictory statements that have come out over the past two weeks, Chibli Mallat, a lawyer for the families of the disappeared, said they remain hopeful that Imam al Sadr, who would be 82, may still be alive.

"The families believe so and are acting in consequence," Mr Mallat, a prominent Lebanese lawyer and visiting professor at Harvard Law School, said in an e-mail. "The safety of the imam and his two companions [is] paramount in this crucial moment."

On Friday, Lebanon's Judicial Council held its first hearing in a case against Col Qaddafi and 16 of his aides over Imam al Sadr's disappearance.

Also on Friday, Interpol released a global security alert for Col Qaddafi and 15 members of his regime, following the two-week uprising and bloody response that threaten to plunge the country into civil war.

"Mr Qaddafi was indicted in Lebanese courts through our legal work in pursuit of the families' long campaign for truth and accountability, and an international arrest warrant issued," said Mr Mallat. "The legal action will adapt to the rapidly evolving situation in Libya and the international scene."

Imam al Sadr, Sheikh Yacoub and Mr Badreddine travelled to Libya in August 1978 at the invitation of the Libyan government, for talks with officials, according to the Amal movement. Shortly after their arrival, the three men disappeared and have not been heard from since.

Col Qaddafi and the Libyan government have long maintained that Imam al Sadr and his aides left Libya and travelled to Italy.

The Iranian-born cleric, who founded the Amal movement in 1975, was regarded as a moderate. He preached Lebanese unity at the beginning of the country's 15-year civil war.

Imam al Sadr and his aides were last seen alive on August 31, 1978 - an anniversary that is marked every year in Lebanon with a huge rally in his honour. There is now growing anticipation among the popular Shia cleric's many followers that the decades-long wait for answers may soon be over. At a protest in Beirut on Monday against the bloodshed in Libya and elsewhere in the Arab world, demonstrators reiterated calls for answers about Imam al Sadr's fate.

Nabih Berry, the speaker of the Lebanese parliament and head of the Amal movement, sent a letter last week to the Venezuelan president, Hugo Chavez - who is believed to be joining efforts to defuse the crisis in Libya - urging him to look into the disappearance of Imam al Sadr also.

An Amal source, who spoke on condition of anonymity, said yesterday that the movement had formed a special committee in the last two weeks to "follow every detail" as information trickles out of Libya.

"But this does not mean the committee is working just from today. Since the first day we discovered he was kidnapped in Libya in 1978 we have been asking for answers and telling the world that he was kidnapped by the criminal Qaddafi regime," the source said. "We believe that Imam al Sadr is still alive as we have had no information to confirm any other situation. The case of Imam al Sadr is not just about Amal or Shia people, but all of Lebanon."

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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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