Britain’s May to chair emergency session on seized tanker
July 22, 2019, 10:19 am

Britain’s May to chair emergency session on seized tanker

British Prime Minister Theresa May will chair an emergency security session on Monday to discuss how to respond to Iran’s seizure of a British-flagged tanker in the Strait of Hormuz.

The meeting of security ministers and officials will discuss how to secure shipping in the sensitive region, which is vital to the world’s oil supply.

Foreign Secretary Jeremy Hunt is also expected to brief Parliament on the Friday seizure of the Stena Impero tanker, now in a heavily guarded Iranian port.

Britain is considering a number of options to raise the economic and diplomatic pressure on Iran but officials say military operations are not being considered at the moment. Britain is also seeking support from key European allies in an effort to keep the Strait of Hormuz open to shipping.

The tanker crisis is unfolding in the final days of May’s leadership. The Conservative Party plans to name her successor Tuesday, and the new prime minister - either front-runner Boris Johnson or Hunt - is expected to take office Wednesday.

Friday’s seizure came amid heightened tensions between the US and Iran stemming from President Donald Trump’s decision last year to pull the US from Iran’s nuclear accord with world powers and reinstate sweeping sanctions on Iran.

Steps have been taken to prevent further incidents in the coming days while longer range options are discussed. Maritime industry publication Lloyd’s List said there are currently no UK-flagged ships heading to the Arabian Gulf and eight UK-flagged vessels anchored there after a government advisory to such vessels to avoid the Strait of Hormuz.

Restoring the free flow of traffic through the Strait of Hormuz is of critical importance to the world’s energy supplies because one-fifth of all global crude exports pass through the narrow waterway between Iran and Oman.

Iranian officials say the seizure of the British oil tanker was a justified response to Britain’s role in impounding an Iranian supertanker two weeks earlier off the coast of Gibraltar, a British overseas territory located on the southern tip of Spain.

Britain says the two incidents cannot be compared, asserting that Britain acted lawfully off the Gibraltar coast to prevent illegal oil shipments to Syria that would have violated European Union sanctions while Iran broke international maritime law by forcing the Stena Impero to change course and go to Iran.

Britain says the tanker was in Omani waters at the time, which Iran disputes.

As the nuclear deal between Tehran and world powers unravels, the US has expanded its military presence in the region, while Iran has begun openly exceeding the uranium enrichment levels set in the accord to try to pressure Europe into alleviating the pain caused by the sanctions.

European nations, which are trying to save the nuclear deal and keep Iran from isolation, have tried to come up with ways to keep trading with Iran but have run smack Trump’s sanctions.

Britain is adding to its military profile in the region but it does not have the naval resources that would be needed to protect all of its shipping interests.

The seizure of the British-flagged tanker has proved popular inside Iran.

In Tehran, some 160 lawmakers issued a joint statement Sunday praising the interception of the British-flagged vessel by Iran’s Revolutionary Guard, which released video of the seizure, showing Iranian commandos in black ski masks and fatigues rappelling from a helicopter onto the vessel.

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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.