Australia suspends defense program in Myanmar, redirects aid
March 8, 2021, 11:06 am

Australia suspends defense program in Myanmar, redirects aid

Protesters set off smoke grenades to block the view from snipers in Sanchaung, Yangon, Myanmar March 3, 2021, in this still image from a video obtained by Reuters. (Reuters)

Australia has suspended its defense cooperation with Myanmar and is redirecting humanitarian aid in the country because of last month’s military takeover of the government and the ongoing detention of an Australian citizen.

Australian Foreign Minister Marise Payne said Monday that diplomats and relatives had only been able to contact economic policy adviser Sean Turnell twice by phone since he was detained in early February. She described the access as “very limited consular support.”

Australia announced late Sunday that it had suspended a defense training program with Myanmar worth about 1.5 million Australian dollars ($1.2 million) over five years. The program had been restricted to noncombat areas such as English-language training.

Australian humanitarian aid will be directed away from Myanmar government and government-related entities. Instead it will focus on the immediate humanitarian needs of the most vulnerable and poor in Myanmar, including the Rohingya and other ethnic minorities, Payne said.

Also Monday, Myanmar security forces continued to clamp down on anti-coup protesters, firing tear gas to break up a crowd of around 1,000 people who were demonstrating in the capital, Naypyitaw. The protesters deployed fire extinguishers to create a smoke screen as they fled from authorities.

Anti-coup protesters standing behind barricades standoff with a group of police in Yangon, Myanmar Thursday, March 4, 2021. (AP)

Meanwhile, thousands of protesters marching in Mandalay, the country’s second-largest city, dispersed on their own amid fears that soldiers and police were planning to use force to break up their demonstration.

Large-scale protests have occurred daily across many cities and towns in Myanmar since the country’s military seized power in the Feb. 1 coup, and security forces have responded with ever greater use of lethal force and mass arrests.

On Sunday, police occupied hospitals and universities and reportedly arrested hundreds of people involved in protesting the military takeover.

In Myanmar’s largest city, Yangon, gunshots from heavy weapons rang out for a second straight night in several neighborhoods after the start of an 8 p.m. curfew. The sounds of what apparently were stun grenades could also be heard on videos posted on social media.

The purpose for security forces using such weapons when protesters had left the streets appeared to be part of a strategy to strike fear in anyone who might think about defying the authorities. In a similar vein, many filmed incidents of police and soldiers in plain view showed them savagely beating protesters they had taken into custody.

Some of the shooting was heard near hospitals, where reports said neighborhood residents sought to block the entry of police and soldiers.

Protesters cover with makeshift shields during an anti-coup protest in Mandalay, Myanmar, March 3, 2021. (Reuters)

Security forces have often targeted medical personnel and facilities, attacking ambulances and their crews. Members of the medical profession launched the Civil Disobedience Movement, which is the nominal coordinator of the protests, frequently hailed on demonstrators’ signs by its CDM initials. Taking over hospitals would allow the authorities to easily arrest wounded people presumed to be protesters.

Meanwhile, a Canadian-Israeli lobbyist hired by Myanmar’s junta has said the ruling generals want to get out of politics and shift the nation away from China after they grabbed power in the widely-condemned coup against the nation’s civilian government.

Ari Ben-Menashe, who previously represented Sudan’s military leader and Zimbabwe’s Robert Mugabe, spoke to The Associated Press on Sunday from the US after returning from his second trip in the past month to Myanmar.

He said he was confident he can persuade the Biden administration to lift sanctions imposed on Burmese military leaders who directed the coup last month that deposed and detained Myanmar’s elected leader, Aung San Suu Kyi.

He said the US and others in the West have reduced Myanmar’s political conflict to a black and white tale of military repression against pro-democracy activists that ignores the fraudulent exclusion of millions of minorities from voting in last year’s election.

source: The Associated Press

Image source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.