Pakistan high court orders police to charge ex-CIA station chief



ISLAMABAD // Islamabad’s High Court has ordered police to press charges against the CIA’s former station chief for murder, conspiracy and waging war against Pakistan.

Judge Shaukat Aziz Siddiqui issued the decree on Thursday following a 2010 court petition by drone activist Kareem Khan, whose brother and teenage son were killed in a US drone strike in North Waziristan tribal district.

Former top spy, Jonathan Banks, left Pakistan in December 2010 after his identity was disclosed through the court case. There is little expectation Islamabad will seek his return to face charges.

“Justice Shaukat Aziz Siddiqui of Islamabad High Court ordered today registration of a criminal case for offences of murder, conspiracy, waging war against Pakistan and offences under the provisions of Terrorism Act 1997” against the former chief, a statement by My Khan’s lawyers said.

Mr Khan is being provided legal assistance by the Foundation for Fundamental Rights, a charity associated with Britain’s Reprieve.

“Today’s order is a victory for all those innocent civilians that have been killed in US-led drone strikes in Pakistan,” he said.

“We are fighting this legal battle since 2010 and the police was reluctant to pursue our case but finally we did it, we won the war,” Mirza Shahzad Akbar, his lawyer said.

Mr Khan, who is also a freelance journalist, lost his teenage son Zahinullah and his brother Asif Iqbal in a drone strike on December 31, 2009.

He was briefly kidnapped from Rawalpindi in February this year, days before he was due to travel to Europe to speak with German, Dutch and British parliamentarians about his personal experience with drone strikes and the impact they are having on his country.

He was released four days later, blindfolded and dumped on a roadside at the outskirts of Islamabad.

Pakistani intelligence agencies were suspected of being behind the detention.

According to an AFP tally, 2,155 people have been killed in drone attacks since August 2008, with critics charging that the strikes cause many civilian casualties.

The last drone attack on Pakistani soil occurred on December 25, 2013, killing three suspected militants.

According to media reports the strikes have been temporarily halted at the Pakistani government’s request.

* Agence France-Presse

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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.

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“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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