World

Jeffrey Epstein got $300 mln in US Virgin Islands tax incentives, JPMorgan says

JPMorgan Chase said the US Virgin Islands gave Jeffrey Epstein more than $300 million in tax incentives and waived sex offender monitoring requirements, shielding the disgraced late financier as he gave cash and gifts to top officials.

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In a Tuesday night court filing, the largest US bank described how Epstein allegedly paid law enforcement entities such as the Virgin Islands Police Department.

JPMorgan also alleged in the filings that Epstein had ties to US Virgin Islands officials, including former first lady Cecile de Jongh, who the bank said were aware of Epstein’s crimes.

Spokespeople for the US Virgin Islands did not immediately respond to requests for comment after business hours. The territory’s police department and de Jongh did not immediately respond to similar requests.

JPMorgan’s filing, redacted versions of which had already been filed, is part of its defense against a lawsuit in Manhattan federal court by the US Virgin Islands over its relationship with Epstein, a client from 1998 to 2013.

The territory, where Epstein owned two neighboring islands, has accused JPMorgan of facilitating Epstein’s sex crimes by providing banking services, and enabling him to pay his victims.

Epstein died by suicide at age 66 in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges.

Epstein’s ‘bona fide’ residency

JPMorgan had described a “quid pro quo” relationship between Epstein and US Virgin Islands officials such as de Jongh, whose husband, John, served as governor from 2007 to 2015.

The bank has said Cecile de Jongh managed Epstein’s local companies for eight years and helped arrange visas for some victims, in exchange for Epstein providing a salary, bonuses and tuition for her children’s schools.

The filing described Epstein’s Financial Trust Co, also known as Southern Trust Co, receiving from the US Virgin Islands $219.8 million in tax benefits from 1999 to 2012, and $80.6 million from 2013 to 2018.

In connection with some benefits, the bank said Cecile de Jongh certified in 2009 that Epstein was a “bona fide resident,” despite his serving a 13-month sentence imposed after he pleaded guilty in 2008 to a Florida prostitution charge.

JPMorgan also said the territory waived restrictions on Epstein’s ability to travel, despite his sex offender status.

It said that on multiple occasions the territory’s Department of Justice did not make timely notifications of Epstein’s status under the Sex Offender Registration and Notification Act, “something Epstein even personally brought up with USVI DOJ.”

The bank also said “Epstein was often not present” when the territory checked up on him at his home, in what JPMorgan called “cursory” inspections.

Staley ties

JPMorgan’s latest disclosures came a day after the US Virgin Islands released a 22-page document prepared by the bank in late 2019 after Epstein’s death.

The document described Epstein’s close ties to former JPMorgan private banking chief Jes Staley, including dozens of messages between them or involving other bank officials.

JPMorgan last week reached a $290 million settlement in principle to resolve a lawsuit by dozens of Epstein accusers who said the financier abused them when they were teenagers or young women.

The bank wants Staley to cover its losses in that lawsuit and the US Virgin Islands lawsuit.

Staley left JPMorgan in 2013, and later spent six years as Barclays’ chief executive. He has expressed regret for his friendship with Epstein and denied knowing about his crimes.

JPMorgan accuses US Virgin Islands of hiding Jeffrey Epstein for two decades

Factbox: British royals in court

World

Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

World

At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

World

US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM