Supporters of Pakistan Tehreek-e-Insaf display portraits of Imran Khan at a protest in Karachi last month to demand his release from prison. EPA
Supporters of Pakistan Tehreek-e-Insaf display portraits of Imran Khan at a protest in Karachi last month to demand his release from prison. EPA

Pakistan government seeks to ban Imran Khan's party



Pakistan's government is seeking to ban the political party of jailed former prime minister Imran Khan, the country's Information Minister said on Monday, only days after several court decisions in his favour.

Speaking in Islamabad, Attaullah Tarar said the federal government's case to prohibit Pakistan Tehreek-e-Insaf (PTI) would be taken to the Supreme Court.

The minister said the latest decision was based on a number of reasons, including the charge that PTI received foreign funds from sources deemed illegal in Pakistan, in addition to rioting by the party's leadership and supporters targeting military installations.

"We believe that there is credible evidence that PTI should be banned," Mr Tarar said.

A PTI spokesman told AFP the party "will not tolerate" the government's effort to proscribe it.

"PTI has become stronger than before. We will face it," Raoof Hasan said

Mr Khan has been in jail since August over a series of court cases he says were orchestrated to bar him from returning to power in elections held in February.

On Saturday, the former leader and his third wife were acquitted of charges that they had married unlawfully but he remains in prison after being convicted in other cases.

PTI members were forced to run as independents in the election on February 8 but candidates loyal to the party still secured more seats than any of their rivals. However, it was kept from power by an alliance of parties believed to be close to the military, which holds major influence over the country's politics.

In a landmark ruling on Friday, the Supreme Court ruled the party was eligible for 20 extra reserved seats in Parliament, pressuring the country's weak coalition government. It remains to be seen what effect the potential ban on the party would have on the court's decision to assign additional seats.

Mr Tarar said the government would legally review the reserved seats issue.

Mr Khan served as prime minister from 2018 until 2022, when he was ousted in a no-confidence vote after falling out with the military. He has since waged a campaign of defiance against the generals, accusing them of being behind an assassination attempt that left him injured.

A UN panel of experts this month found Mr Khan's detention "had no legal basis and appears to have been intended to disqualify him from running for political office".

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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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Install an air filter in your home.

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Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
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Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

Updated: July 15, 2024, 12:15 PM