Economic corruption surrounds the palace of the Turkish president
August 2, 2019, 8:27 am

Economic corruption surrounds the palace of the Turkish president(File photo Reuters)

According to those concerned with the Turkish situation, and in conjunction with the corrupt laws issued by the authorities of the country, the Turkish economic crisis is increasing day after day and so are the wrong practices of the Turkish Justice and Development Party.

The Turkish presidency had announced a tender for the rental of 25 cars with drivers, including 6 luxury cars of a foreign model. However, it had been two months and no one applied .

Utku çakırözer, deputy of the Republican People’s Party (CHP) for the city of Eskişehir, declared that the cancellation of the tender was the most important indicator of the economic crisis in Turkey, pointing out that the economic crisis has reached the presidential palace.During the tender, which ended on July 1st, the Presidency announced that it would like to rent 25 cars for various services to the Palace. It included 19 domestic cars and 6 foreign-style vehicles for 36 month, starting 1st August till 31st July 2022.

The tender document stated that cars models should not be older than 2017, local cars should not exceed 110,000 kilometres, and the foreign-style cars should not exceed 180 thousand. The tender also included giving drivers 130 lira monthly transportation allowance , 130 lira monthly meal allowance and a salary 39 percent higher than the minimum rate. It would also annually give drivers suit, shirt, tie and shoes.

The tender document stipulated that a curtain should be placed on the rear and side windows of the vehicles that will be placed in service around the clock.

However, no company or person submitted this tender within two months. Therefore, the Presidency to prompted to cancel the tender.

For his part, çakırözer took the tender case to the parliament. He explained that the lack bidders on a tender submitted by an important institution such as the presidency is questionable. The cancellation of the tender is the most important indicator of the economic crisis in Turkey.

çakırözer mentioned that the presidential palace could not find an applicant for the tender, suggesting that the market refrain from offering bids to the highest administrative body in the country undoubtedly reflects the crisis experienced by these companies.

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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.