A Spanish Guardia Civil stand guard outside headquarters of  the Spanish football federation in Madrid on July 18, 2017 during a raid related to the investigation into Angel Maria Villar, president of the Spanish Football Federation, who has been accused of embezzlement. Pierre-Philippe-Marcou / AFP
A Spanish Guardia Civil stand guard outside headquarters of the Spanish football federation in Madrid on July 18, 2017 during a raid related to the investigation into Angel Maria Villar, president ofShow more

Football: Spain's federation chief held in fraud probe



Police raided the headquarters of Spain's football federation on Tuesday and arrested its president Angel Maria Villar as part of an anti-corruption probe.

A judicial source said Villar, 67, a senior vice president of Fifa,  the world football governing body, was being held on suspicion of abusing his position to embezzle funds from the federation, among other charges. Villar's son Gorka and another senior federation official were also detained in the probe which focuses on allegations of skimming profits from international matches.

FIFA declined to comment on the arrest,, saying it was internal matter of the Spanish Football Association.

Spain's political and financial crimes court said it is directing the investigation into allegations of "collusion, fraud, embezzlement and presumed forgery."

Police who carried out raids on the federation headquarters and other locations said Villar is suspected of organising international football matches as part of a scheme to embezzle funds for the benefit of his son.

Commenting on the Villar arrest, Inigo Mendez de Vigo, a spokesman for the Spanish government, told public television "No one is untouchable and everyone must obey the law."

Villar, a former acting president and the current vice president of UEFA, which runs European football, has headed the Spanish federation since 1988. He was reelected unopposed for an eighth term in May despite allegations of vote-rigging that cast a shadow over his win.

His son Gorka Villar is a former director general of CONMEBOL, the South American football confederation, a post he quit in July last year. He also served on a Fifa advisory panel aimed at reforming the organisation which is mired in corruption allegations.

Villar senior has overseen a glorious period in the Spanish national team's history as they won three back-to-back major tournaments, triumphing at Euro 2008 and 2012 and in between notching up Spain's first World Cup win in South Africa in 2010.

But his critics say his period in charge has also been undermined by ethical questions and an autocratic management style.

Javier Tebas, the head of the Spanish league, has had a long-running feud with Villar and refers to him as a feudal baron.

The former Athletic Bilbao midfielder was capped 22 times for Spain but  has also had a number of ethical questions hanging over him over the years. Most notably he was fined 25,000 Swiss francs (Dh96,212 ) by Fifa's ethics committee in 2015 for failing to cooperate with an investigation into the awarding of the 2018 and 2022 World Cups to Russia and Qatar.

EXPATS
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The five pillars of Islam

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.”

BEACH SOCCER WORLD CUP

Group A

Paraguay
Japan
Switzerland
USA

Group B

Uruguay
Mexico
Italy
Tahiti

Group C

Belarus
UAE
Senegal
Russia

Group D

Brazil
Oman
Portugal
Nigeria

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The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

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