Chris Blackhurst is a former editor of The Independent, based in London
April 06, 2022
When he was alive it was impossible to avoid Robert Maxwell. His name and face were everywhere. There appeared to be nothing the publishing and newspaper proprietor was not involved in – such was his unquenchable thirst for publicity.
He would be linked, invariably, to any deal, any venture, seemingly to any issue. If there was a lull, he would ensure his picture and accompanying, often non-story, would be given prominence in one of the newspapers he owned.
Today, for instance, he would be all over the war in Ukraine, speaking, opining, even flying there with cameras clicking. He was insatiable and the attention, much of which as I say, he generated himself, was relentless.
In death, too. ‘Captain Bob’, as he was known, went over the side of his yacht in the Mediterranean on November 5,1991, but still he is omnipresent.
This week, the BBC has launched a three-part TV series, House of Maxwell. Meanwhile, his daughter Ghislaine is attracting headlines after a judge upheld her conviction in New York on sex-trafficking charges. John Preston’s recent book, Fall: The Mystery of Robert Maxwell, on Maxwell’s rise and demise is a bestseller. On it goes.
Maxwell was a physical giant. I once interviewed him in his underpants and it was a sight to behold.
I’d been summoned to Maxwell House, his headquarters in central London at about 6.30pm. He was making an acquisition and, as ever, he wanted to boast about it. I was told to wait, then I heard his booming voice.
“Is Mr Blackhurst here? Send him in.” I was ushered into a bedroom, his apartment. On the bed there was a dinner suit. Then he appeared in the doorway of the en suite, doing up an evening shirt. I sat on the edge of the bed, taking notes, while he stood there in the most voluminous pair of white Y-fronts, boasting of his commercial prowess.
Robert Maxwell hobnobbing with former UK prime minister Margaret Thatcher. Getty
Eccentric and accessible
An East European by birth, he would speak in the most florid, pompous English tones, frequently in a rage. His behaviour could be appalling, like urinating off the side of his office building when he disembarked from the helicopter on the rooftop helipad. Yes, he really did.
And yes, he fired someone whose slovenly behaviour in a lift offended him – he took the person to his office, asked how much they earned and wrote out a cheque. Only, they didn’t work for Maxwell, the sacked employee was not an employee at all but a visitor. But they walked off with a cheque for a tidy sum anyway.
Maxwell was never the biggest business player. To his fury, and our delight at his anger, Rupert Murdoch was more successful. Murdoch was global, he’d conquered America, he owned in The Sun the most popular UK newspaper. And compared with the titans of today – Elon Musk, Jeff Bezos, Mark Zuckerberg – Maxwell was tiny.
He was though, more accessible. While Murdoch and the rest were distant, Maxwell could not help himself. There was fascination as well with Maxwell’s family, his loyal wife Betty and their high-achieving children, and lifestyle, renting a Palladian mansion on the edge of Oxford, “the biggest council house in England”.
There had been rumours that his empire was in trouble, that he was frantically trying to raise cash to keep afloat. Nothing, however, was sticking and if they did get close, journalists were warned off by his aggressive, threatening lawyers.
After he died, I was offered an interview with Maxwell’s son Kevin, who was boxing up his belongings. I helped Kevin pack books away, sitting on the floor of the executive suite and hearing how he was, truly, a great man.
Kevin Maxwell (R) celebrates outside the High Court, London, in 2001 after a judge ruled he should not stand trial for a second time on charges relating to the collapse of his father's media empire. PA Images via Getty
The crooked tycoon archetype
Then, news broke that a major fraud had been uncovered, that the workers’ pension fund was raided to prop up his businesses. Everything altered and hardened. Kevin’s fawning adulation was hastily consigned to history.
Maxwell ticks every box of how we imagine a crooked tycoon to be. Critically, unlike other suspected fraudsters of his ilk, he is dead. He can’t sue for defamation. Unlike them, too, his illegality was proven. In many cases, wrongdoing is suspected but never properly exposed.
In the case of Maxwell, his lawyers were powerless to intervene. We thought he was bad but could not say so and prove so. Now we could and we did.
In that sense, Maxwell was and is a rarity. Right now, I can list several magnates who, rumour has it, are dodgy. But no one will go there. The system is stacked against the inquisitor. In the case of Maxwell, all those defensive barriers came down.
His expensively assembled legal team for once had to shut up. His PRs, booster senior colleagues and relatives were silenced.
A delinquent legacy
While his trickery was exposed, the circumstances of his passing remain shrouded. That, again, has fuelled the intrigue – was he pushed, did he jump or was it natural causes?
Ghislaine Maxwell has continued her father's legacy of criminality. AP
Together, they make an enticing duo, a casebook for psychologists, amateur and professional: the towering monster of a father and the wanting-to-please daughter.
It’s the stuff of fiction, except for once it is real.
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
Company Profile
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
From Conquest to Deportation
Jeronim Perovic, Hurst
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
