Legatum Group founder Christopher Chandler secured a libel victory against a pro-EU think-tank which had dubbed him a hypocrite. REUTERS/Afolabi Sotunde 
Legatum Group founder Christopher Chandler secured a libel victory against a pro-EU think-tank which had dubbed him a hypocrite. REUTERS/Afolabi Sotunde 

Dubai-based billionaire hits back at Russia spy claims



The financial backer of a pro-Brexit think tank hit back Friday at suggestions he was a Russian agent and accused a group of British lawmakers of undermining democracy by naming him as the target of a French investigation.

Billionaire financier Christopher Chandler said that he had been the subject of a “harsh, public attack on my integrity” to discredit him because of his apparent support for the UK’s decision to leave the European Union in 2019.

“The substance of their statements is untrue,” said the Dubai-based businessman in a comment piece for The Times newspaper. “I am not and never have been associated with the Russian state in any capacity.”

Mr Chandler’s comments followed claims by five lawmakers based on documents they had been shown which suggested that the investor was “an object of interest” to the French security services because of suspected links to Russia.

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The claims appear to have been linked to Mr Chandler’s business activities through his investment company the Legatum Group in the 1990s when he traded in stock of Russian companies including the energy producer Gazprom.

His company funded the Legatum Institute which has been an influential voice among influential so-called Brexiteers who campaigned to leave the 28-nation EU. The institute issued its own rebuttal to the spy claims on Thursday and has previously said that it has been a vocal critic of Russia for many years.

Mr Chandler said that the MPs had refused to release the 16-year-old report compiled by French police that aired the claims and used the legal protection of parliament to repeat “innuendo and slander”. “Impugning my reputation while hiding behind parliamentary privilege shows the lack of confidence which they have in their claims,” he said.

Mr Chandler also said that he had never taken a public view on Brexit. "Regardless of this truth, they [MPs and the media] seek to make me an emblem of Brexit and then, as with all others they perceive as enemies, discredit me in their quest to reverse the decision of the British public" which voted in a 2016 referendum to leave the EU.

The MPs – from both the government and opposition benches – comes amid heightened tensions with Moscow following the poisoning of a former Russian spy on UK soil, and a tit-for-tat series of diplomatic expulsions.

SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

Draw for Europa League last-16

Istanbul Basaksehir v Copenhagen; Olympiakos Piraeus v Wolverhampton Wanderers

Rangers v Bayer Leverkusen; VfL Wolfsburg v Shakhtar Donetsk; Inter Milan v Getafe

Sevilla v AS Roma; Eintracht Frankfurt or Salzburg v Basel; LASK v Manchester United

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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Result

Tottenhan Hotspur 2 Roma 3
Tottenham: Winks 87', Janssen 90 1'

Roma 3
D Perotti 13' (pen), C Under 70', M Tumminello 90 2"

 

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

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.”

MATCH INFO

Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)

TV: BeIN Sports

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

The biog

Name: Capt Shadia Khasif

Position: Head of the Criminal Registration Department at Hatta police

Family: Five sons and three daughters

The first female investigator in Hatta.

Role Model: Father

She believes that there is a solution to every problem

 

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million