Politically Exposed Person (PEP) Weekly Digest – Volume 98

98th PEP Weekly Digest:

Introducing the 98th edition of The PEP Weekly Digest, where we present to you the most recent updates and news on the global political stage.

Recent and upcoming elections influence the worldwide political landscape in eight nations, slated between Mar 12, 2025 and May 11, 2025. These elections hold significant importance, as they will determine the direction and governance of each respective country’s future.

Serbia Appoints Political Newcomer Djuro Macut as Prime Minister Amid Ongoing Protests

One noteworthy event has occurred in Serbia, Serbia’s parliament has approved a new government led by Djuro Macut, a prominent endocrinologist and academic with no prior political experience, in a move seen as a response to ongoing anti-government protests.

Macut, 61, was backed by 153 of 199 lawmakers present in the 250-seat assembly on April 16. His cabinet comprises 30 ministers, including 10 newcomers. He was nominated by President Aleksandar Vucic following the resignation of former Prime Minister Milos Vucevic amid a wave of student-led demonstrations.

Uruguay’s Housing Minister Cecilia Cairo Resigns Amid Property Tax Scandal

Shifting our focus to Uruguay, Cecilia Cairo resigned as Uruguay’s Minister of Housing and Territorial Planning following controversy over her failure to regularize her house’s construction and update its real estate taxes for at least 20 years, making minimum payments incompatible with the residence’s size. President Yamandú Orsi plans to accept her resignation through a formal note.

Cairo, of the Movimiento de Participación Popular (MPP), admitted the irregularities but refused to leave her post until mounting pressure left her no other way out. She is expected to reclaim her seat at the Lower House, having previously resigned from the Senate.

Sheikh Bashir Uddin Assigned Civil Aviation Portfolio Amid Post-Uprising Interim Government Restructuring

In Bangladesh, Sheikh Bashir Uddin, already serving as the adviser to the Ministry of Commerce and Ministry of Textiles and Jute, has been entrusted with additional responsibilities of the Ministry of Civil Aviation and Tourism. The appointment was confirmed through a notification issued by the Cabinet Division.

This development comes in a wake of the student-led mass uprising last year that led to fall of Sheikh Hasina’s government. Following the political shift, an interim government was formed under the leadership of Dr. Muhammad Yunus, who assumed office as the Chief Adviser on August 8. On that day, the Chief Adviser and 17 others took the oath of office. Subsequently, four more advisers were sworn in on August 16, and three additional advisers took their oaths on November 10, including Sheikh Bashir Uddin. Upon his appointment, he was assigned to the Ministry of Commerce and the Ministry of Textiles and Jute.

FSRA Fines HAYVN $8.85M, Bans CEO After Uncovering Major Regulatory Breaches

In the realm of regulatory affairs, the Financial Services Regulatory Authority (“FSRA”) of ADGM has taken enforcement action following an investigation into serious regulatory breaches and misconduct related to the Hayvn Group of Companies, which operated under the name ‘HAYVN’, its former CEO, Christopher Flinos and related entities. The FSRA’s investigation found serious breaches and misconduct concerning the operations of three related party companies and Christopher Flinos. As part of its investigation, the FSRA took steps to ensure that no ADGM client assets or money were lost as a result of the relevant misconduct.

The enforcement action has resulted in the cancellation of Hayvn ADGM’s Financial Services Permission (“FSP”), the prohibition of Christopher Flinos indefinitely from performing any function in a financial services business in ADGM, as well as financial penalties totalling USD 8.85 million being imposed across the four parties involved.

Peru’s Ex-President Ollanta Humala Sentenced to 15 Years for Money Laundering; Wife Granted Asylum in Brazil

Shifting our attention to Peru, Peru’s former president, Ollanta Humala, has been sentenced to 15 years in prison in a money laundering case. A court in the capital, Lima, found him guilty of accepting illegal funds from the Venezuelan government and from a Brazilian construction company to bankroll his election campaigns in 2006 and 2011. His wife, Nadine Heredia, was also found guilty of money laundering and sentenced to 15 years in jail. However, she has been granted safe passage to Brazil after seeking asylum in the Brazilian embassy. Meanwhile, Humala’s lawyer said he will appeal against the conviction.

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