Thaksin Shinawatra and his wife Pojaman arriving at criminal court in Bangkok last month. He and his wife failed to report before a high court today.
Thaksin Shinawatra and his wife Pojaman arriving at criminal court in Bangkok last month. He and his wife failed to report before a high court today.

Former Thai PM Thaksin flees to the UK



BANGKOK // Thaksin Shinawatra, Thailand's former prime minister, has skipped bail and fled to London with his family rather than face corruption charges in a Thai court. He accused those who were behind the coup that overthrew him two years ago of meddling in the courts in an effort to end his career. In a handwritten press release faxed to journalists in Bangkok, Mr Thaksin said he and his wife would remain in the UK for the time being, "where democracy is more important". The former leader's escape has embarrassed the courts, but it may signal the end of his influence on the current government of Samak Sundaravej, who is widely seen as his front man. "It's the end of the road for [Mr] Thaksin - there's no way back for him," said Kavi Chongkittavorn, the chief political columnist for Bangkok's English-language newspaper, The Nation. Mr Thaksin and his wife were scheduled to appear before the Supreme Court yesterday to face charges involving the alleged purchase of government-owned land while he was in power. The couple had been to China after the court granted them permission to leave the country to attend the Olympics. Over the past few days, reports said Mr Thaksin would not return to Thailand as planned as he was preparing to live in exile. His failure to return to Thailand has fuelled speculation that he would seek political asylum in the UK. Mr Thaksin, who was ousted in Sept 2006, has significant financial interests in the United Kingdom. He bought Manchester City, an English Premier League football team, more than a year ago, and owns several properties in London. His youngest daughter studies in a university there. His other children left Bangkok for London on Sunday, a source close to the Thaksin family said. The government's anti-corruption body has frozen most of Mr Thaksin's assets in Thailand - worth around US$2 billion (Dh7.3bn). By failing to return to Thailand, he has given up hope of seeing his assets returned to him any time soon. Recently there have been reports that Mr Thaksin was having trouble paying the hefty salaries at Manchester City and that the football club was up for sale - though Mr Thaksin has since denied this. "What happened to me and my family and my close relations resulted from efforts to get rid of me from politics," Mr Thaksin reiterated in his statement. "These are my political enemies. They don't care about the rule of law, facts or internationally recognised due process." But Mr Thaksin's leaving may net the same result, according to Thai political analysts. "Thaksin's political career is effectively finished in the event that he seeks asylum or goes into exile because if he is found guilty in the court cases against, he will become a fugitive," said Thitinan Pongsudhirak, a senior political analyst at Chulalongkorn University in Bangkok. The government may now breathe a sigh of relief. Since Mr Thaksin returned from self-imposed political exile this year, his political meddling has caused major divisions within the coalition, led by the Peoples Power Party, built from the ashes of Mr Thaksin's Thai Rak Thai. Thousands of people have taken to the streets in sometimes violent protests demanding an end to Mr Thaksin's political influence and stepped up calls for the Samak government to resign. "Mr Thaksin's influence on Thai politics will wane, and this will have a profound impact on the country's political system and parties," Mr Thitinan said. "The PPP is certain to split into more factions and divisions, which is likely to lead to its demise," he said. "Thailand faces an immediate future of instability and ineffective government compared to the period of the TRT - when there was a political vision and serious economic restructuring under a coherent populist agenda." Mr Thaksin appealed to his support base - the impoverished farmers in the Thailand's north-east and the poorest in the capital - to be patient. "I must apologise again for deciding to come to live in England. If I am fortunate enough, I will return and die on Thai soil, just like other Thais," he wrote. But Mr Thaksin's latest move may yet prove too much for the former prime minister's staunchest admirers, many of whom see him as a saviour figure. They understood why he fled the military junta, but they will be bewildered by his latest move into self-exile. "I don't understand him - why he had to leave Thailand now," said Rang, a 20-year old single mother in Bangkok, who has supported Mr Thaksin ever since she can remember. "We are all suffering here. If he really supports the poor, he should be here with us." Now he is a fugitive from the courts. Although the arrest warrants have been issued, the next step will be for the Thai government to ask for extradition. This will be a drawn out affair - as the only extradition treaty is a bilateral criminal treaty signed between Britain and Thailand in 1911. The army-appointed interim government considered using it to try to extradite Mr Thaksin last year, but never lodged a formal request. ljagan@thenational.ae

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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.”

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G
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Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

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Three tips from La Perle's performers

1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.

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Remaining fixtures

Third-place-play-off: Portugal v Mexico, 4pm on Sunday

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