Tag Archives: Asias

Asia’s ultra-rich population records largest drop in the world. Here’s how North America and Europe did – CNBC

  1. Asia’s ultra-rich population records largest drop in the world. Here’s how North America and Europe did CNBC
  2. North America’s ranks of the ultrarich shrank 4% to $16.5 trillion amid 2022’s epic bear market—and the world actually lost ultrawealthy for the first time since 2019, study finds Fortune
  3. India bucks the trend, sees increase in population of ultra wealthy in 2022: Report Times of India
  4. World’s ultra-wealthy population SHRINKS for the first time since 2018 Daily Mail
  5. Altrata: Asia Records Sharpest UHNW Decline in 2022 finews.asia
  6. View Full Coverage on Google News

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Jack Ma was once Asia’s richest person—but he’s lost more than half of his $61 billion fortune in the last 3 years – Fortune

  1. Jack Ma was once Asia’s richest person—but he’s lost more than half of his $61 billion fortune in the last 3 years Fortune
  2. Jack Ma loses more than half of his wealth after criticizing Chinese regulators CNN
  3. Beijing’s regulatory crackdown wipes $1.1 trillion off Chinese Big Tech Reuters
  4. Singapore’s Temasek Seeks Talks With Ant on Buyback Valuation Bloomberg
  5. Jack Ma’s run-in with Beijing not only saw him disappearing for over 2 years, it led to his wealth tanking by half and cost his companies hundreds of billions Yahoo! Voices
  6. View Full Coverage on Google News

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Adani loses Asia’s richest crown as stock rout deepens to $84 billion

BENGALURU, Feb 1 (Reuters) – Shares in Indian tycoon Gautam Adani’s conglomerate plunged again on Wednesday as a rout in his companies deepened to $84 billion in the wake of a U.S. short-seller report, with the billionaire also losing his title as Asia’s richest person.

Wednesday’s stock losses saw Adani slip to 15th on Forbes rich list with an estimated net worth of $76.8 billion, below rival Mukesh Ambani, the chairman of Reliance Industries Ltd (RELI.NS) who ranks ninth with a net worth of $83.6 billion.

Before the critical report by U.S. short-seller Hindenburg, Adani had ranked third.

The losses mark a dramatic setback for Adani, the school-dropout-turned-billionaire whose business interests stretch from ports and airports to mining and cement. Now, the tycoon is fighting to stabilise his businesses and defend his reputation.

It comes just a day after the group managed to muster support from investors for a $2.5 billion share sale for flagship firm Adani Enterprises on Tuesday, in what some saw as a stamp of investor confidence.

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The report by Hindenburg Research last week alleged improper use by the Adani Group of offshore tax havens and stock manipulation. It also raised concerns about high debt and the valuations of seven listed Adani companies.

The group has denied the allegations, saying the short-seller’s narrative of stock manipulation has “no basis” and stems from an ignorance of Indian law. It has always made the necessary regulatory disclosures, it added.

Shares in Adani Enterprises (ADEL.NS), often described as the incubator of Adani businesses, plunged 30% on Wednesday. Adani Power (ADAN.NS) fell 5%, while Adani Total Gas (ADAG.NS) slumped 10%, down by its daily price limit.

Adani Transmission (ADAI.NS) was down 6% and Adani Ports and Special Economic Zone (APSE.NS) dropped 20%.

Adani Total Gas, a joint venture with France’s Total (TTEF.PA), has been the biggest casualty of the short seller report, losing about $27 billion.

“There was a slight bounce yesterday after the share sale went through, after seeming improbable at a point, but now the weak market sentiment has become visible again after the bombshell Hindenburg report,” said Ambareesh Baliga, a Mumbai-based independent market analyst.

“With the stocks down despite Adani’s rebuttal, it clearly shows some damage on investor sentiment. It will take a while to stabilise,” Baliga added.

Reuters Graphics

SCRUTINY

Underscoring the nervousness in some quarters, Bloomberg reported on Wednesday that Credit Suisse (CSGN.S) had stopped accepting bonds of Adani group companies as collateral for margin loans to its private banking clients.

Deven Choksey, managing director of KRChoksey Shares and Securities, said this was a big factor in Wednesday’s share slides.

Credit Suisse had no immediate comment.

Scrutiny of the conglomerate is stepping up, with an Australian regulator saying on Wednesday it would review Hindenburg’s allegations to see if further enquiries were warranted.

Data also showed that foreign investors sold a net $1.5 billion worth of Indian equities after the Hindenburg report – the biggest outflow over four consecutive days since Sept. 30.

Headaches for the Adani Group are expected to continue for some time.

India’s markets regulator, which has been looking into deals by the conglomerate, has said it will add Hindenburg’s report to its own preliminary investigation.

State-run Life Insurance Corporation (LIC) (LIFI.NS)said on Monday it would seek clarifications from Adani’s management on the short seller report. The insurance giant was, however, a key investor in the Adani Enterprises share sale.

Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

Reporting by Chris Thomas in Bengaluru and Aditi Shah in New Delhi; Additional reporting by Bharath Rajeshwaran and Aditya Kalra; Editing by Edwina Gibbs and Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

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Asia’s developing economies are set to grow faster than China’s

Chinese laborers working at a construction site at sunset in Chongqing, China.

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Asia’s developing economies may be showing signs of recovery, but the Asian Development Bank (ADB) cut its growth forecasts for them yet again — thanks to China’s prolonged zero-Covid policy.

But this will be the first time in more than three decades that the rest of developing Asia will grow faster than China, the Manila-based lender said in its latest outlook report released Wednesday.

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“The last time was in 1990, when (China’s) growth slowed to 3.9% while GDP in the rest of the region expanded by 6.9%,” it said.

The ADB now expects developing Asia — excluding China — to grow by 5.3% in 2022, and China by 3.3% in the same year.

The [People’s Republic of China] remains the big exception because of its intermittent but stringent lockdowns to stamp out sporadic outbreaks.

Both figures are further downgrades — in July, for example, it slashed its growth forecast for China to 4% from 5%. The ADB attributed that to sporadic lockdowns from the nation’s zero-Covid policy, problems in the property sector, and slowing economic activity in light of weaker external demand.

It also lowered its 2023 forecast for China’s economic growth to 4.5% from April’s 4.8% outlook on “deteriorating external demand continuing to dampen investment in manufacturing.”

Recovery not helping

Though the region is showing signs of continued recovery through revived tourism, global headwinds are slowing down overall growth, the ADB said.

For the region, the ADB now expects emerging Asian economies to grow by 4.3% in 2022 and 4.9% in 2023 — a downgraded outlook from July’s revised predictions of 4.6% and 5.2% respectively, according to its latest outlook report released Wednesday.

The latest updates to the Asian Development Outlook also predicted that the pace of rising prices will accelerate even further to 4.5% in 2022 and 4% in 2023 — an upwards revision July’s predictions of 4.2% and 3.5% respectively, citing added inflationary pressures from food and energy costs.

“Regional central banks are raising their policy rates as inflation has now risen above pre-pandemic levels,” it said. “This is contributing to tighter financial conditions amid a dimming growth outlook and accelerated monetary tightening by the Fed.”

China the ‘big exception’

“The PRC remains the big exception because of its intermittent but stringent lockdowns to stamp out sporadic outbreaks,” the ADB said, referring to the People’s Republic of China.

In contrast to that, “Easing pandemic restrictions, increasing immunization, falling Covid-19 mortality rates, and the less severe health impact of the Omicron variant are underpinning improved mobility in much of the region,” it added in the report.

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India’s Gautam Adani unseats Mukesh Ambani as Asia’s richest billionaire

The 59-year-old founder of Adani Group controls companies ranging from ports and aerospace to thermal energy and coal, and now has a net worth of $88.5 billion, according to the Bloomberg Billionaires Index.
Like other billionaires around the world, Adani has seen his wealth skyrocket during the pandemic. He was worth less than $40 billion at this time last year. With this massive spike, he has overtaken India’s energy-to-tech entrepreneur Mukesh Ambani, to become the world’s 10th richest person.

Adani Group has performed exceptionally well on the Indian stock market during the pandemic. Shares of Adani Enterprises have jumped more than 1,000% on the National Stock Exchange in Mumbai since June 2020, a sign that investors are optimistic about Adani’s ability to bet on sectors such as infrastructure and renewable energy, which are key to Prime Minister Narendra Modi’s economic development goals.

Ambani, who controls Reliance Industries, is now in the Bloomberg index’s 11th spot with a net worth of $87.9 billion.

This wasn’t the only upheaval the billionaires ranking has seen recently. Last week, Meta (FB), the parent company of Facebook, saw a historic collapse on its stock market, which has wiped more than $30 billion off Mark Zuckerberg’s personal wealth. The CEO and co-founder of Meta now stands in 13th place on the Bloomberg Billionaires Index.

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Fed’s move to hike interest rates will slow down Asia’s recovery

The Federal Reserve’s move to raise interest rates and tighten policy aggressively will hamper the economic recovery in Asia, according to the International Monetary Fund.

The current account surplus and the level of reserves are much higher among Asian countries this time compared to 2013 during the so-called “taper tantrum,” said Changyong Rhee, director of the Asia and Pacific department at the IMF.

However, he warned the higher debt burden is a problem for the region.

“Overall, the debt has increased quite significantly after the global financial crisis. Around 2007, Asia accounted for about 27% of the global debt. Now in 2021, Asia accounted for  almost 40% of global debt,” he told CNBC’s “Squawk Box Asia” on Wednesday.

In 2013, the Fed triggered a “taper tantrum” when it began to wind down its asset purchase program. Investors panicked and it sparked a sell-off in bonds, causing Treasury yields to surge.

As a result, emerging markets in Asia suffered sharp capital outflows and currency depreciation at that time, forcing central banks in the region to hike interest rates to protect their capital accounts.

This time, the Fed’s higher interest rates “may not cause a big shock to the financial market, but they can definitely slow down Asia’s recovery and growth,” Rhee added.

His comments come ahead of the Fed’s policy statement later on Wednesday, where it’s expected to signal a rate hike as soon as March and indicate more policy tightening on the table to tamp down inflation.

Asia’s tough balancing act

Asian governments may need to prepare for faster policy normalization following the Fed’s move to curb inflationary pressures, according to Rhee.

“The situation is quite heterogeneous in Asia. Like Singapore and [South] Korea and several Asian countries, inflation is already higher and the output gap is small. So the central banks have to move quickly as Singapore did this week,” he said, referring to Singapore’s central bank decision on Tuesday to tighten monetary policy over inflationary concerns.

High interest rates in the United States, will force them to react to the monetary policy. So they have a really delicate balancing act at the moment.

Changyong Rhee

International Monetary Fund

The output gap measures the difference between the economy’s actual output and the potential output the economy can produce at full capacity.

However, there are other Asian countries with an output gap that’s still relatively large because they were hit by the Covid-19 delta outbreak last year. As a result, it has hampered their recovery, Rhee noted.

“High interest rates in the United States, will force them to react to the monetary policy. So they have a really delicate balancing act at the moment,” he said.

China’s growth outlook

On Tuesday, the IMF slashed its global growth forecast for 2022 due to concerns over increasing Covid cases, supply chain disruptions and higher inflation.

It expects global gross domestic product to weaken from 5.9% in 2021 to 4.4% in 2022 — lowering this year’s figure by half a percentage point compared to previous estimates.

China’s growth this year is now expected to come in at just 4.8% — down from an earlier estimate at 5.6%, based on IMF’s forecast. 

Last week, China reported that its economy grew by 8.1% in 2021 compared to a year ago, according to data from the National Bureau of Statistics. GDP in the fourth quarter rose 4% year-on-year, faster than analysts expected.

The IMF recently said China’s zero-Covid policy is looking like a “burden,” which is hampering economic recovery both domestically and for the world.

Since the pandemic began in early 2020, China’s strict policy means mass quarantines and lockdowns, as well as widespread travel restrictions — whether within a city or with other countries — are used to control outbreaks. 

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Whether China is able to achieve 4.8% growth rate or even higher depends on the two things, Rhee noted.

“One is the dynamics of omicron and the future dynamics of this pandemic,” which is hard to predict, he said. 

“I think they have room to use more fiscal resources. Depending on how much they will use the fiscal resources, China’s growth rate will be determined,” he added.

— CNBC’s Karen Gilchrist contributed to this report.

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Southeast Asia’s Grab slumps in U.S. debut after record SPAC deal

  • Grab listed on Thursday after $40 bln deal with Altimeter
  • Debut marks biggest U.S. listing by a Southeast Asian firm
  • Early backers SoftBank, Didi set for payday bonanza
  • Bell-ringing ceremony takes place in Singapore

SINGAPORE, Dec 2 (Reuters) – Shares in Grab , Southeast Asia’s biggest ride-hailing and delivery firm, slid more than 20% in their Nasdaq debut on Thursday following the company’s record $40 billion merger with a blank-check company.

Grab’s shares rose as much as 21% minutes after the listing before retreating to trade 23% lower at $8.51 by 1834 GMT.

“The price makes no difference to me. I’m going to celebrate tonight and get back to work tomorrow,” Chief Executive Anthony Tan told Reuters just after the shares started trading.

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The backdoor listing on Nasdaq marks the high point for the nine-year-old Singapore company that began as a ride-hailing app and now operates across 465 cities in eight countries, offering food deliveries, payments, insurance and investment products.

Grab kicked off the biggest U.S. listing by a Southeast Asian company with a bell-ringing event in Singapore, hosted by Nasdaq and Grab’s executives.

The event was attended by about 250 people including its investors, drivers, merchants and employees, with many dressed in the company’s signature green.

Thunderous handclaps reverberated in the hotel ballroom as an emotional Tan thanked them for putting Grab and Southeast Asia’s tech economy on the global map.

CEO Tan and Tan Hooi Ling developed the company from an idea for a Harvard Business School venture competition in 2011. The two Tans are not related.

The listing comes after Grab’s April agreement to merge with U.S. tech investor Altimeter Capital Management’s SPAC, Altimeter Growth Corp (AGC.O) and raise $4.5 billion, including $750 million from Altimeter.

Grab’s flotation “will provide a bigger cash buffer” to its “cash burn”, S&P Global Ratings said in a note. But it said the company’s “credit quality continues to be constrained by its loss-making operations, and free operating cash flows could be negative over the next 12 months.”

Southeast Asia’s internet economy is forecast to double to $360 billion in gross merchandise value by 2025, prompting Grab’s rivals, including regional internet firm Sea Ltd (SE.N) and Indonesia’s GoTo Group, to bulk up.

GoTo plans a local IPO in 2022 after completing an expected $2 billion private fundraising, sources have told Reuters. A U.S. listing will follow the Jakarta offering.

“Longer term, we’re really excited about Grab Financial Group,” said Chris Conforti, partner at Altimeter Capital, referring to Grab’s financial services unit. “I think the bell curve on that is much wider in terms of what the outcome could be, but it could be extremely large.”

BONANZA FOR BACKERS

CEO Tan, 39, expanded Grab into a regional operation with a range of services, after launching it as a taxi app in Malaysia in 2012. It later moved its headquarters to Singapore.

“What we have shown to the world is that home grown tech companies can develop great technology that can compete globally, even when international players are in town,” Tan told Reuters in an interview on Wednesday. “We can compete and win.”

He will control 60.4% of voting rights along with Grab’s co-founder, and president Ming Maa, but hold only a 3.3% stake with them.

Grab’s listing brings a payday bonanza to early backers such as Japan’s SoftBank (9984.T) and Chinese ride-hailing giant Didi Chuxing, which invested as early as 2014.

They were later joined by the likes of Toyota Motor Corp (7203.T), Microsoft Corp (MSFT.O) and Japanese megabank MUFG (8306.T). Uber became a Grab shareholder in 2018 after selling its Southeast Asian business to Grab following a five-year battle.

In September, Grab cut its full-year adjusted net sales forecasts, citing renewed uncertainty over pandemic curbs on movement.

Third-quarter revenue fell 9% from a year earlier and its adjusted loss before interest, taxes, depreciation, and amortisation (EBITDA) widened 66% to $212 million. GMV in the quarter rose to a record $4 billion.

It aims to turn profitable on an EBITDA basis in 2023.

JPMorgan and Morgan Stanley were the lead placement agents on the fundraising, while Evercore and UBS were the co-placement agents.

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Reporting by Anshuman Daga and Aradhana Aravindan; Additional reporting by Noor Zainab Hussain in Bengaluru; Editing by William Mallard, Kirsten Donovan, Emelia Sithole-Matarise and Susan Fenton

Our Standards: The Thomson Reuters Trust Principles.

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China stocks among Asia’s worst-performing amid regulatory scrutiny

Investors watch computer screens at a stock exchange hall on July 13, 2020 in Nanjing, Jiangsu Province of China.

Jiang Ning | VCG | Getty Images

Days of heavy selling in Chinese stocks have left two major indexes in the country as the worst-performing markets of Asia-Pacific.

At the close of regional markets on Tuesday, the CSI 300 — which tracks the largest stocks listed in mainland China — had plunged 8.83% so far this year. Hong Kong’s Hang Seng index also suffered heavy losses, falling 7.88% in the same period.

“There hasn’t been a single two-day decline (for the Hang Seng index) since the Financial Crisis that has exceeded the magnitude of the last two days,” analysts at Bespoke Investment Group wrote in a note.

Other major mainland indexes such as the Shanghai composite and Shenzhen component were also in negative territory for the year, among the few major Asia-Pacific markets that lost ground year-to-date.

Separately, the MSCI Emerging Markets index has also tumbled into negative territory for the year. Chinese internet giants such as Tencent, Alibaba and Meituan were among the top 5 constituents of the index, as of Jun 30.

The declines come as Chinese regulators continue to step up their oversight in sectors spanning from technology to education and food-delivery. The increased scrutiny spooked investors and sent many scrambling for the exit.

Hong Kong and China markets traded mixed in Wednesday morning trade, struggling to recover from the declines of the past few days.

At the start of the second half, all the major Chinese indexes and the Hang Seng were in positive territory for the year. The Shenzhen component was up 4.78% while the CSI 300 index was just 0.24% higher as of end June. Hong Kong’s Hang Seng index was also up 5.86% in the same period.

Timeline of events

A painfully sobering message may be: ‘You can take the company listing out of China, but you can’t take China (risks) out of the company.’

Vishnu Varathan

Head of Economics and Strategy, Mizuho Bank

Beijing’s intentions “cannot be faulted on merit,” Mizuho Bank’s Vishnu Varathan said in a Tuesday note, arguing that authorities’ concerns over sectors such as education were aimed at social welfare, while technology is “ostensibly trained on worrying data rights/abuse issues.”

Still, he acknowledged the “unintended consequences” of Beijing not appropriately timing and tuning the execution of its intentions.

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“For private (global) investors brutally blind-sided by the rude shocks to many of these internationally listed Chinese companies, a painfully sobering message may be: ‘You can take the company listing out of China, but you can’t take China (risks) out of the company,'” Varathan said.

JPMorgan sees ‘opportunity’ in mainland shares

Even in the current market turmoil, JPMorgan Private Bank’s Alex Wolf sees opportunity in mainland-listed stocks, which are harder for retail investors to access compared to those listed in Hong Kong.

Most Chinese stocks — a sector among the hardest hit in the recent market meltdown — are listed overseas in the U.S. and Hong Kong and such stocks tend to be largely owned by overseas investors due to how difficult it is for mainland investors to access, said Wolf, who is head of investment strategy for Asia at the firm.

“We do like A-shares on a relative basis just because they’re less exposed to internet, they’re also less exposed to foreign flows,” Wolf told CNBC’s “Street Signs Asia” on Tuesday.

A-shares refer to stocks of mainland China-based firms listed on the Shanghai Stock Exchange or Shenzhen Stock Exchange.

We do think A-shares represent a good opportunity amidst this shift and amidst … some of the uncertainty that we’re seeing.

Alex Wolf

JPMorgan Private Bank

“From a onshore investors perspective, A-shares — we think given that it’s majority domestic owned — often is tied to policy initiatives,” he explained. “They tend to be shielded from these flows.”

Wolf cited Beijing policy initiatives such as a shift toward decarbonization and localization as moves that are likely to benefit firms listed in mainland China.

“We do think A-shares represent a good opportunity amidst this shift and amidst … some of the uncertainty that we’re seeing,” he said.

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The Serpent: How Herman Knippenberg helped bring French serial murderer Charles Sobhraj, Asia’s ‘Bikini Killer,’ to justice

“It’s them,” said a dentist, who had just inspected the mouth of a stiff body.

Light from a window at the back of the room illuminated who she was talking about: two badly burnt bodies that had been opened for an autopsy and stitched back together with surgical cable. The woman’s brain had been bashed in with something heavy and the man strangled, a pathologist said. Both were still alive when they were set alight.

The scene at the police mortuary in Thailand’s capital, Bangkok, on March 3, 1976, remains clear in the mind of former Dutch diplomat Herman Knippenberg. He says it was the most shocking thing he saw in 30 years of foreign service, and sparked a decades-long personal endeavor to bring the alleged killer to justice.

“I had the feeling that I was stepping outside of myself — that I’m on the side, watching the scene,” he recalled in an interview earlier this year.

Knippenberg would later learn the Dutch couple in the morgue were among at least a dozen people Charles Sobhraj admitted to killing — though he later recanted. “The Serpent,” a new BBC/Netflix drama series coming to the streaming service in April, tells how for years, Sobhraj evaded the law across Asia as he allegedly drugged, robbed and murdered backpackers along the so-called “hippie trail” — and how for years, Knippenberg worked with authorities to capture him.

Sobhraj is now serving a life sentence in a Nepalese jail for killing two tourists in 1975. But many of his alleged murders remain unresolved — and for Knippenberg, the case still doesn’t feel completely closed.

A fateful letter

In 1976, Bangkok hadn’t yet developed into the metropolis of towering skyscrapers it is today. The subway and Skytrain were yet to be built and bumper-to-bumper traffic meant it could take hours to travel across the hot, crowded city.

Unlike today’s era of instant communication, it was a slower, less connected world. There were no smartphones or social media, and a missing traveler could go unchecked for weeks, maybe even months.

On February 6 that year, Knippenberg received a letter about two Dutch backpackers who had done exactly that.

It was from a man in the Netherlands who said he was searching for his missing sister-in-law and her boyfriend. Henricus Bintanja and Cornelia Hemker had been “ardent correspondents,” writing to their family twice a week as they traveled Asia, the letter writer said. But for six weeks, the family had heard nothing.

“I thought, ‘That is quite bizarre,'” said Knippenberg, who was 31 at the time and a junior diplomat at the Dutch embassy.

Weeks before, two charred bodies had been found on the roadside near Ayutthaya, about 80 kilometers (about 50 miles) north of Bangkok. They had initially been reported as a pair of missing Australian backpackers — until that couple turned up alive. Now, Knippenberg wondered if they were the Dutch couple mentioned in the letter.

So he mobilized a Dutch dentist based in Bangkok to assess the burnt bodies at the police morgue, using the missing couple’s dental records. The dentist was unequivocal: it was a match.

As Knippenberg thought of the mutilated bodies, he remembered a strange story his friend Paul Siemons, an administrative attache at the Belgian embassy, had told him a few weeks earlier — a French gem dealer named Alain Gautier had apparently amassed a large number of passports in his Bangkok apartment belonging to missing people who had allegedly been murdered. Two of the passports were said to be Dutch, but Siemons refused to reveal the source of his information.

At the time, Knippenberg thought his friend had lost it. The story seemed too outlandish.

But as both men would later discover, Alain Gautier was one of multiple aliases used by Sobhraj.

On the run and posing as a gem dealer in Bangkok, the French thief, conman and killer had for years been befriending travelers — then drugging and robbing them. In a time of laxer border security, he often adopted his victims’ identities and used their stolen passports to zigzag across Asia.

Searching for ‘the Serpent’

The day after his trip to the morgue, Knippenberg called Siemons and demanded to know where he’d heard about the gem dealer. After some persuading, Siemons gave him a name — Nadine Gires, a Frenchwoman who lived in the same Bangkok apartment building as Sobhraj, and who introduced clients to him.

Upon meeting Knippenberg, Gires revealed how other people working for Sobhraj had fled after finding a collection of passports belonging to missing people, fearing he’d killed them. She also said she remembered seeing the Dutch couple come to his home.

Knippenberg alerted the Thai authorities, but also continued his own inquiries.

Source: ‘The Life and Crimes of Charles Sobhraj’ by Richard Neville and Julie Clarke, Reuters

On the morning of March 11, 1976, Gires had some bad news for Knippenberg: Sobhraj and his girlfriend Marie-Andrée Leclerc, a Québécoise also known as Monique, were planning to go to Europe for some time.

Knippenberg told the police and, that evening, officers stormed Sobhraj’s apartment.

They took him in for questioning but the killer was prepared, according to “The Life and Crimes of Charles Sobhraj,” a biography by journalists Richard Neville and Julie Clarke based on hours of interviews with him. Using a passport stolen from one of his victims, which he’d inserted his own photograph into, Sobhraj claimed to be an American citizen and was released from custody.

The following night, an upset Gires called Knippenberg. One of Sobhraj’s housemates, and suspected accomplice, had invited her to the apartment, saying he needed to talk. Knippenberg was torn — if Gires went, it could put her life in danger. If she didn’t, Sobhraj might suspect she had been involved in the raid. “That was one of the most harrowing moments of my life,” Knippenberg said. He thought for a moment, then called her back. “I’m terribly sorry,” he recalled saying. “You have to go.”

While the associate was out of the room, Gires spotted some passport photos and slipped them into her bra — material that gave them more information about one of the victims.

The next morning, Sobhraj and Leclerc left Thailand for Malaysia. It wouldn’t be the last time he slipped through their fingers — a propensity that would later earn him the nickname of “the Serpent.”

Murder on the hippie trail

Born in 1944 in French-administered Saigon to a Vietnamese mother and Indian father, Sobhraj experienced a difficult childhood, according to his biographers. A few years after his birth, his parents split up and he was rejected by his father.

His mother married a French soldier and the family moved to France, where the teenage Sobhraj struggled to settle before entering a life of crime.

Those who met Sobhraj paint a consistent picture of a handsome, charming conman, who had a string of girlfriends — sometimes at the same time. He admired the nihilist philosopher Friedrich Nietzsche and was widely reported to be a martial arts expert.
First jailed in Paris in 1963 for burglary, he’d gone on to escape from prison in several countries, racking up crimes from the Balkans to Southeast Asia. Along the way he enlisted many accomplices, often travelers, his cultivation of a criminal “family” leading some press reports to later label him “Asia’s Charles Manson.”

According to his biographers, Sobhraj eventually admitted to at least 12 killings between 1972 and 1976, and hinted at others to interviewers before retracting the confessions ahead of further court cases.

Some of the alleged victims were drugged until they overdosed, some were drowned, while others were stabbed and set alight with gasoline, their bodies burned beyond recognition and dumped by the roadside.

His true number of victims is unknown and only two of the killings ever resulted in murder convictions that stuck.

The first killing he confessed to, according to his biographers, was a Pakistani taxi driver in 1972. But it is in Thailand where his alleged murder spree ramped up. At least six victims — an American tourist, a Turkish man, two French nationals and the Dutch couple — are alleged to have been murdered by Sobhraj and his accomplices there in 1975.

The discovery that year of the dead American woman in a swimsuit, floating off Pattaya beach, would earn him another nickname: “the Bikini Killer.”

Inside Sobhraj’s lair

But Knippenberg didn’t know all that yet.

Sobhraj’s escape left the diplomat feeling depressed. He was fielding angry calls from officials in the Netherlands, who were frustrated at the inaction of the Thai police. Noticing Knippenberg was still working on the case, the Dutch ambassador ordered him to take three weeks’ leave.

Before he left for his holiday, Knippenberg and his then wife, Angela, compiled documents relating to the case — what he now refers to as the “Knippenberg cache” — and dropped them off at embassies around Bangkok.

When he returned, Knippenberg received a call from the Canadian ambassador. Canadian police had visited Leclerc’s parents, who said their daughter had been traveling with her boyfriend and had left an emergency contact near Marseilles, France. When French police checked, they found it was the contact for Sobhraj’s mother.

Now they knew the true identity of Leclerc’s boyfriend: he was Charles Sobhraj.

That month, Gires called, warning Sobhraj’s landlord planned to rent out his Bangkok apartment and throw away his belongings. Concerned crucial evidence would be lost, Knippenberg rallied a team and descended on the condo.

It was “seedy and filthy,” Knippenberg remembers. They found 5 kilograms (11 pounds) of medicine and three industrial-size cartons of liquid containing a drug that acted as both a laxative and a “chemical straitjacket,” Knippenberg said. They also found the Dutchwoman Hemker’s coat and handbag.

On May 5, 1976, the Dutch ambassador told Knippenberg to share the story with the press. Within days, the Bangkok Post printed an explosive front-page story headlined: “Web of Death.”

After that, the Thai authorities took notice. They issued an Interpol notice — and that, says Knippenberg, helped lead to Sobhraj being captured in India on July 5, 1976.

Sobhraj’s life behind bars

Not for the first time, Sobhraj was on the run.

By the spring of 1976 he was back in France. But with the so-called “bikini murders” now making international headlines, he fled to India with Leclerc — arriving in New Delhi by early June that year after driving overland in a Citroën CX 2200, according to his biography.

The international arrest warrant put Sobhraj on the authorities’ radar — and the Indian police had their own bones to pick with him.

Indian authorities arrested Sobhraj after he bungled the drugging of a French tour group in New Delhi in July 1976. He was also charged with the killings that year of an Israeli man in Varanasi and a French tourist in Delhi.

While his convictions for those two deaths were later overturned on appeal, he was found guilty of trying to rob the tour group and sentenced to 12 years in the Indian capital’s notoriously overcrowded and understaffed Tihar Prison.

Life behind bars wasn’t all bad for Sobhraj. Sunil Gupta, a former superintendent and legal officer at Tihar, says he enjoyed special privileges — including food made according to his preference and conjugal visits not usually afforded to inmates.

“Prisoners were supposed to stay in their wards but he would roam around freely,” says Gupta, author of “Black Warrant: Confessions of a Tihar jailer,” a memoir of his more than 30 years working at the Delhi prison.

According to Gupta, Sobhraj earned money by drafting court petitions for wealthy inmates, and then maintained his elevated status by bribing guards. He was also said to have made secret recordings of senior prison officials that would implicate them in corruption. “Everyone was scared of him,” Gupta says.

When Bangkok-based journalist Alan Dawson interviewed Sobhraj at Tihar in 1984, he noticed he “seemed to have the run” of his section — in what he said was a “horrible prison, with thousands of family members, lawyers, shysters and others clamoring for a word with their prisoner.”

“Tihar was an eye-opener to me,” Dawson said via email. “The prisoners ran life inside the walls and bars, and the ‘authorities’ handled the paperwork and so on.

“Even by those standards … Charles was a bit of a revelation. He had a suite of three cells, and the prison warden — he introduced us — called him Mister Charles. I was whisked through the front gate security, and it seemed the guards had instructions to be nice to me. Whether the instructions came from the warden or Charles … who knows?

“From the very start, it was obvious to me that Charles was a conman, seeking control of the situation. He was a good-looking guy, and had that swindler’s knack of making you believe you were the center of his attention.”

Another prison break

On March 17, 1986, Sobhraj pulled off one of his biggest swindles yet.

Gupta says he was watching a movie at home when a breaking news announcement cut in: Sobhraj had escaped from jail. Gupta hurried to the prison where he found a shocking scene: all the gatekeepers were asleep. Sobhraj had told staff it was his birthday and given them sweets laced with sedatives. More than a dozen prisoners escaped.

Sobhraj had just weeks to go until his release — but Gupta suspects he was worried about being extradited to Thailand, where he faced murder charges for the 1975 killings punishable by death.

Thousands of miles away in the United States, Knippenberg was studying for a master’s degree in public administration at Harvard University when he received a call from his program adviser.

“I think you should go underground for the time being,” she told him. “Sobhraj has escaped from Tihar jail and I think your life may be in danger.”

Knippenberg was skeptical — he believed Sobhraj would be too smart to come after him and would be hiding in plain sight.

He was right. Sobhraj was caught on April 6 “while he sipped beer in the seaside resort of Goa to celebrate his 42nd birthday,” as the Associated Press reported at the time. “He didn’t say anything. He went quite coolly,” said Gines Viegas, the owner of the Coconut Tree restaurant where Sobhraj was captured, according to the report.

He was jailed for an extended sentence, during which the statute of limitations on the alleged Thai murders would expire. Sobhraj no longer faced almost certain execution.

One big question

Sobhraj has never given a convincing reason for the murders.

Dawson, the journalist, had planned to write a book with the killer, but said he abandoned the idea when Sobhraj demanded $10,000 to cooperate. Nevertheless, he continued with the interview in their 1984 meeting at Tihar jail. The first question: “Why?”

“Well, he never had a good answer,” Dawson says. “He implied that if ‘we’ wrote a book, then the answer would be that all those white people had corrupted and ruined Asia by trafficking opium.

“And therefore, his reasoning was that today’s white people deserved to die for it.”

Describing his meetings with Sobhraj, author Neville wrote he initially had “a crude theory of Charles as a child of colonialism revenging himself on the counter culture. Instead, I was dazzled by a brilliant psychopath.”

According to Neville, Sobhraj explained the murders by saying “I never killed good people,” and drew from “psychoanalysis, global politics, and Buddhism, to create a cozy world of rationalization and extenuating circumstances,” to justify his crimes.

“His claims that his life was a protest against the French legal system or that his love for Vietnam and Asia motivated his criminal career are absurd, but as tools of psychological manipulation they were very effective,” Neville wrote.

Asked by Neville what makes a murderer, Sobhraj replied: “Either they have too much feeling and cannot control themselves, or they have no feelings. It is one of the two.”

The killer did not say which of the two applied to him.

Sobhraj had “always wanted his name to be in the spotlight,” according to Gupta, his jailer. But upon his release from Tihar in 1997, after 21 years locked up, his media presence amplified.

The killer sold the movie and book rights to his story for $15 million to an unnamed French actor-producer, according to the BBC, though the film was never made.

Despite several books and numerous television shows about Sobhraj, Dawson says we still don’t know the true motives for his “terrible, murderous violence.”

“It’s why I went to Delhi to see him and here I am (more than) 35 years later and still (have) no real clue,” he said.

Murder convictions

On a 2003 winter’s morning in Wellington, New Zealand, Knippenberg was marking his first day of retirement with pancakes. Once again, there was a fateful phone call from a friend — Sobhraj, who had been living in France, had just been arrested in Nepal and charged with the 1975 murder of a tourist in Kathmandu.

Sobhraj’s decision to travel to Kathmandu was a curious choice: Nepal was the only place in the world where he was still a wanted man. Under questioning from Nepalese police, Sobhraj denied he had ever previously visited the Himalayan country.

Knippenberg went down to his garage where there were six boxes of documents related to the Sobhraj case. As he fished out the statement Leclerc had made when she was captured in July 1976, Knippenberg found he had remembered correctly: Sobhraj’s former girlfriend had described in detail the time she spent in Nepal with him.

He sent those documents to the FBI.

“I think it goes too far to say that I was directly responsible for his conviction in Nepal,” Knippenberg says. “Though my efforts indicated to Nepal police what there was and where to look for it.”

Sobhraj was arrested in the Nepalese capital on September 13, 2003, and charged over the 1975 murder of American tourist Connie Jo Bronzich. He professed his innocence.

But, as Sobhraj’s lawyers detailed in a complaint filed with the UN Human Rights Committee in 2008, his arrest and trial allegedly breached his human rights. Sobhraj was detained for 25 days without a lawyer, then sentenced in August 2004 to life imprisonment — even though he hadn’t been able to call his own witnesses or hear evidence presented against him as he couldn’t speak Nepalese. The document said he had been kept almost continuously in isolation.

In a 2010 opinion piece, the then officer-in-charge of the office of the UN High Commissioner for Human Rights in Nepal, Anthony Cardon, wrote human rights should be afforded to everyone, “however notorious their … alleged crimes.”

It made no difference. Sobhraj remained in jail, losing several appeals.

In 2014, a Nepalese court convicted Sobhraj for the 1975 murder of Canadian tourist Laurent Carrière, handing down a 20-year sentence. The case was reopened in 2013 because prosecutors were concerned Sobhraj might appeal for an early release from prison due to old age, according to a Nepalese court official.
Behind bars, Sobhraj still made headlines. In 2008, then age 64, he married his lawyer’s 20-year-old daughter, Nihita Biswas, who also acted as his translator. “He’s innocent,” Biswas said in a Times of India interview that year. “There’s no evidence against him.”

Never truly over

In some ways, the case is now settled. Sobhraj, 76, is serving a life sentence. Many of his alleged accomplices are missing, or dead.

When he reflects on the case that absorbed the better half of his life, Knippenberg, also 76, believes it got under his skin because he saw injustice. “I was confronted with a situation in which innocent people were losing their lives and nobody lifted a finger,” he said. “I saw that as the complete failure of democracy.”

That obsession has impacted his life at times — his fixation on the case has sometimes made his workmates view him as a bit of an oddball, he said. But in the BBC/Netflix drama released this year, which Knippenberg consulted on, the former diplomat is painted as a hero. He acknowledges the information he provided helped get Sobhraj arrested in two countries, but says he doesn’t think of himself that way.

“I do not see any heroes here. It was a tragic misuse of the supremely gifted mind,” he said, of Sobhraj.

More than 45 years after that fateful letter, Knippenberg said he wouldn’t be surprised if he read tomorrow that the Nepalese government had decided to let Sobhraj go.

True resolution, he said, can come only one of two ways.

“This isn’t over for me until he is in a better world, or I am in a better world,” Knippenberg said. “I don’t take anything for granted.”

CNN’s Esha Mitra contributed reporting from New Delhi.

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