China's Xi stands with Myanmar despite Rohingya genocide accusations
January 18, 2020, 11:04 am

China's Xi stands with Myanmar despite Rohingya genocide accusations

China is now Myanmar's largest investor File photo AFP

China's Xi Jinping doubled down on his support for fallen rights icon Aung San Suu Kyi on Saturday, signing dozens of infrastructure and trade deals and meeting with the Myanmar army chief accused of overseeing a genocide against Rohingya Muslims.

The Chinese president's state visit to Myanmar's purpose-built capital came as Western investors give a wide berth to the country due to the Rohingya crisis.

A 2017 military crackdown on the minority, which UN investigators called genocide, forced around 740,000 people from western Rakhine state over the border into Bangladesh.

Beijing has stood by the increasingly isolated nation and reaffirmed its position in a joint statement in Chinese state media as Xi's plane left the capital after two days, escorted by fighter jets.

China "firmly supports Myanmar's efforts to safeguard its legitimate rights and interests and national dignity in the international arena" and for it to advance "peace, stability, and development in Rakhine State".

The Asian giant is now Myanmar's largest investor even as distrust of its ambitions lingers among the public.

More than 30 agreements were signed Saturday on Xi's final day of his visit -- with Suu Kyi and Xi seated across from each other on long tables alongside related ministers.

Details were scant but among the 33 deals was a concession and shareholders agreement on the $1.3 billion Kyaukhphyu deep-sea port and economic zone, located in a part of Rakhine state left largely unscathed by the 2017 violence.

There was also a letter of intent for "new urban development" in Myanmar's biggest city Yangon and feasibility studies for rail links.

The aim is to carve out a so-called "China-Myanmar Economic Corridor" -- a path of infrastructure from China's landlocked south to Myanmar's western Rakhine state which would serve as Beijing's long-awaited gateway to the Indian Ocean.

The signing ceremony came between sit-down meetings with Suu Kyi and powerful army chief Min Aung Hlaing, who was put under sanctions by the US after being accused of masterminding the Rohingya crackdown.

Myanmar says it was defending itself against attacks by militants.

After his arrival, Friday Xi called the visit a "historic moment" for China-Myanmar relations, according to the state-run newspaper the Global New Light of Myanmar.

He also touched on the "unfairness and inequality in international relations" in what could be seen as a slight against the United States.

Myanmar leader Suu Kyi -- whose reputation lies in tatters in the West's eyes due to her defense of the army over the Rohingya crisis -- said the country would always be at China's side.

"A neighboring country has no other choice, but to stand together till the end of the world," she said during a celebration late Friday.

China remains an indispensable ally for its Southeast Asian neighbor, wielding a protective veto vote at the UN Security Council.

The stakes are heightening as the UN's top court prepares to rule next week on whether "emergency measures" should be taken against Myanmar as part of a genocide complaint in The Hague.

But widespread suspicion of Beijing's influence in the country persists among those who are skeptical the economic benefits will trickle down to the masses and of ties to rebel groups fighting the state in border areas.

"They believe that China has been taking advantage," said Thu Wai, leader of the Democratic Party, one of the 17 political parties who came to Naypyidaw as part of the visit.

The lack of transparency surrounding the 33 deals signed Saturday will lead to a "backlash" as mistrust grows, said political analyst Khin Zaw Win.

That anger was on display in Yangon, where dozens of protesters rallied against any reinstatement of a controversial Chinese-backed mega-dam.

They held signs calling for "termination" of the $3.6 billion Myitsone projects, which was not mentioned in the signed deals.

"The Chinese president comes with his interest in Myanmar -- but it is not for our sake," said organizer Aung Soe.

The 6,000-megawatt dam project was suspended in 2011 in the face of nationwide condemnation.

It is believed to have been a personal affront to Xi, who signed the deal with Myanmar's then-military junta as vice president in 2009.

source: AFP

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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.