TEL AVIV // The threat of corruption charges against Israel's foreign minister is unlikely to prompt the collapse of the governing coalition or deter the controversial politician from running for the premiership, analysts said yesterday.
Israel's justice ministry said this week that the attorney general was mulling indicting Avigdor Lieberman on several charges, including money laundering, fraud and tampering with a witness, unless he succeeds in clearing himself in a final hearing in which he could respond to the allegations.
An indictment could force Mr Lieberman, a figure known for making hard-line statements against the Palestinians, from his position as the second-most influential official in the ruling coalition.
The announcement sparked speculation in the Israeli media that an indictment could shake up the government, resulting in Mr Lieberman either resigning or being forced to leave it, as would be required should he be formally charged. Such a scenario would substantially weaken the coalition and most likely force an election earlier than the scheduled date in 2012.
Still, commentators said yesterday that a hearing could take months and that Benjamin Netanyahu, the Israeli prime minister, could remain secure for at least another six months.
Mr Netanyahu himself views Mr Lieberman - whose far-right views are increasingly attractive to an electorate that is shifting rightward - more as a rival than a coalition partner and is seeking more time to attract right-wing supporters before the next election, analysts said.
The foreign minister's associates and lawyers said yesterday that he was not expected to leave the government. Yaron Kosteliz, one of Mr Lieberman's lawyers, yesterday was quoted on Israeli radio as saying that his client had "no intention of resigning" at this time. He added that he will demand at least six months to review the potential charges against Mr Lieberman before the country's top diplomat meets the attorney general. The decision on an indictment could take several more months, he added.
Mr Lieberman is not likely to let his legal troubles hinder his aim of becoming premier. Yossi Verter, a commentator for Haaretz newspaper, speculated yesterday that the foreign minister would try to reach a plea bargain to "get off with a fine and with moral turpitude."
He would then be required to quit his post and the parliament, and would choose a favourable time to take his party out of the coalition to prompt an election. "Then, it's on to his next goal: leader of the rightist bloc," wrote Mr Verter. "From there, he believes the road is paved to the premiership."
The scenario may be supported by the political backing that Mr Lieberman has drawn in recent years for stances including demanding loyalty oaths from Israel's Palestinian citizens and lambasting left-wing groups for damaging Israel's image abroad.
His Yisrael Beitenu party leapfrogged from garnering four parliamentary seats in the 1999 election to 15 slots in the 2009 ballot, becoming the third-largest political party and the second-biggest movement in the coalition.
The potential charges against Mr Lieberman, which he has repeatedly denied, have been investigated by the police for the past 15 years.
According to the justice ministry, they involve suspicions that Mr Lieberman used shell companies and third-party accounts to receive more than US$1.2 million (Dh4.4m) illicitly while in public office from figures such as businessmen with interests in Israel.
Mr Lieberman, according to the statement, tried to cover up these dealings through "methodical and protracted actions defrauding the public and national institutions," the statement said.
Mr Lieberman has said little since the justice ministry's announcement on Wednesday. His only remarks came that evening, when he spoke at a Yisrael Beitenu convention and his words appeared aimed at soothing concerns that the possible indictment could bring down the party.
"I know and you know that I have always acted in accordance with the law, and there is no reason to worry. After 15 years, I finally will have the opportunity to prove that I acted legally," he said, to a sustained standing ovation.
The foreign minister is far from being the only Israeli politician to face legal troubles. Ehud Olmert, Mr Netanyahu's predecessor as prime minister, is standing trial on corruption charges that forced him to quit the premiership in 2008.
Mr Netanyahu himself faces graft allegations. Earlier this month, a television station reported that private businessmen paid for lavish trips for him and his family during the period that he served as cabinet minister and legislator. The report prompted an investigation by Israel's comptroller, and Mr Netanyahu, who denies wrongdoing, this week said he is suing the television channel.
Critics of the country's political system have said that the allegations involving Mr Lieberman, Mr Olmert and Mr Netanyahu reflect an unholy alliance between politics and business in Israel that has only worsened in recent years. Some commentators say that Mr Lieberman's alleged acts of corruption may also be explained by his upbringing in the former Soviet Union and his close ties with politicians in Russia - notorious for the intimate connection between government and business.
foreign.desk@thenational.ae
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.
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
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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.”
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, May 3
Live: On BeIN Sports HD
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
