The former state security policeman,  Mohsen al Sukkari (right) addresses the court in April from behind bars during his trial in the murder of Lebanese singer Suzanne Tamim.
The former state security policeman, Mohsen al Sukkari (right) addresses the court in April from behind bars during his trial in the murder of Lebanese singer Suzanne Tamim.

Tamim murder suspects' alliance 'with the devil'



CAIRO // Prosecutors in the Suzanne Tamim murder retrial yesterday spent two hours hammering home their demand for the Lebanese singer's convicted killers to be sentenced to death. In a retrial that started in April and resumed yesterday after a three-month hiatus, prosecutors said in their closing arguments that the defendants, Hesham Talaat Moustafa, an Egyptian property tycoon and member of the ruling party, and Mohsen el Sokari, a former state security officer, "had an alliance with the devil".

The men are accused of killing Tamim in Dubai two years ago. "The case is of two men who became very arrogant with their money and power, and followed their lust for women and money, and fell in the swamp of crime," Moustafa Soliman, the prosecutor, said before a packed courtroom. Moustafa, 50, is accused of inciting, assisting and paying el Sokari, 41, to murder Tamim, Moustafa's estranged lover, in her Jumeirah Beach Residence flat in July 2008.

Both men were sentenced to death last year after being convicted. They appealed and were granted a retrial, which began in April. After 10 sessions, the trial was adjourned on June 29 until today. The prosecution's statement echoed that given in the closing stages of the first trial, in which the men were sentenced to death by hanging. The prosecutors defended their investigation, which was based on evidence submitted by Dubai Police, including surveillance cameras and forensic reports. The defence case has centred on casting doubt on the evidence.

"The defence case is paralysed and has nothing to do with intellect and logic," Mr Soliman said. Moustafa Khater, another prosecutor, added: "Such evidence rarely exists in one case, and we are talking about premeditated murder here. We have 39 witnesses on the murder from Dubai and Egypt." He read in court mobile messages and conversations, recorded by el Sokari, between the two defendants,claiming that they indicated the crime was an agreed-on premeditated murder.

Mr Khater also responded to points raised by the Cassation Court, which granted the appeal. He defended the fact that el Sokari was not represented by a lawyer at his first questioning, claiming that the suspect did not ask to have one. He added that investigators were "in a hurry" after el Sokari had "willingly confessed" soon after his arrest. El Sokari was arrested in Cairo a few days after the crime, while Moustafa was arrested after being stripped of his parliamentary immunity in late August 2008. Both men have been in custody since then.

During yesterday's court session, prosecutors presented the judges with documents from Geneva showing that Moustafa had tried but failed to freeze Tamim's bank account there; he claimed the account held money he gave her before she eloped with a kickboxer. Presiding Judge Abdel Salam Gomaa adjourned until today to listen to the defence. El Sokari's lawyers are expected to talk first. Even if convicted again, the defendants would have one last chance to appeal.

nmagd@thenational.ae

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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