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Britain lifts sanctions from businessman close to Bashar al-Assad, causing outcry

The Arab News reported, the British government has lifted sanctions from a major Syrian businessman with close ties to President Bashar Assad, with human rights activists calling for him to be relisted.
According to the media outlet, the treasury announced that Tarif Al-Akhras is “no longer subject to an asset freeze.”
It marks the first delisting of an individual since legislation was passed to maintain sanctions against people associated with the Assad regime, including “a prominent person operating or controlling a business in Syria.”
According to the Arab News, the businessman, a cousin of the father of Syrian first lady Asma Assad, is the founder of Akhras Group, which is involved in the commodities and logistics business across the country.
It added, Al-Akhras, 70, was placed on sanctions lists by the EU in September 2011 as a “prominent businessman benefiting from and supporting the regime.”
Tarif Al-Akhras launched an appeal against the EU’s sanctions that was rejected in April 2016, with the bloc concluding that he “was providing economic support to the Syrian regime or benefiting from it.”

He was also sentenced to 12 months in prison by Britain’s High Court in 2014 for failing to pay $26 million to a US company following a deal on food imports to Syria.
According to the Arab News, human rights law firm Guernica 37 told the Daily Telegraph that the UK government should re-impose sanctions on Al-Akhras.
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Ibrahim Olabi, a barrister at Guernica 37 said, “Leading Syrian businessmen much less prominent than Tarif have been listed under a very similar criterion when the UK was part of the EU, and were subsequently transferred into UK sanctions post Brexit.”
The Arab News reported, Syrian British Council told the Telegraph that it was shocked by the government’s decision to delist “one of the major financiers of the Syrian regime.”
The council said Al-Akhras provided “direct financial support to the Syrian regime, which enables the latter to continue committing war crimes and human rights violations.”
SBC Executive Manager Mazen Gharibah said: “We believe that this act is incompatible with the UK’s current policy to hold all those involved in criminal activities in support of the Syrian regime accountable.”
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A Syrian businessman requesting anonymity for his safety told the Telegraph that a business such as Akhras Group would only be able to develop with support from the regime.
The businessman said: “No one in Damascus can do business like Al-Akhras’ business unless he’s in the pocket of the regime and is 100 percent in support of the regime.”
Al-Akhras suffered after the regime conducted a widespread business shakedown in 2019 to urgently gather funds, but he is reportedly back on good terms with Assad.
London has reiterated that it remains committed to using sanctions to target people associated with and supporting the Syrian regime.
Citing Conservative MP Kevin Foster's statement last month, the Arab News reported, “UK sanctions send a clear message to the regime and its supporters, we will not stand by whilst the regime continues to commit serious human rights abuses.”
“Sanctions will be used to hold them to account, and to stop those targeted from entering the UK, channelling money through UK banks, and profiting from our economy.”
Source: arabnews
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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