Funeral of last Soviet leader Mikhail Gorbachev to take place on Saturday
September 1, 2022, 10:01 am

Funeral of last Soviet leader Mikhail Gorbachev to take place on Saturday

Mikhail Gorbachev, the former president of the Soviet Union, died today at the age of 91 - Photo. Franklin Graham official Facebook page

The funeral of the Soviet Union's last leader Mikhail Gorbachev, who died on Tuesday (August 30) in Moscow aged 91, will take place on Saturday (September 3), Russian news agencies reported, citing Gorbachev's daughter and a spokesperson for his foundation.

According to Reuters, the funeral will take place in the famous Hall of Columns inside Moscow's House of Unions, Russian news agencies reported, the same place where Josef Stalin's body was put on display following his death in 1953.

The service will be open to the public and Gorbachev will then be buried at Moscow's central Novodevichy Cemetery, the TASS news agency cited Vladimir Polyakov, press secretary for the Gorbachev Foundation, as saying.

The TASS news agency reported Peskov as saying that the Kremlin would announce later whether President Vladimir Putin would attend Gorbachev's funeral.

It is said it took President Putin more than 15 hours to publish the text of a restrained condolence message in which he said Gorbachev had had a “huge impact on the course of world history” and “deeply understood that reforms were necessary” to tackle the problems of the Soviet Union in the 1980s.

Mikhail Gorbachev © Dmitry Serebryakov/TASS

Putin earlier on Wednesday (August 31) sent Gorbachev's relatives his condolences via telegram, while the Kremlin hailed the late politician as an extraordinary global statesman who helped end the Cold War, but had been badly wrong about the prospect of rapprochement with the "bloodthirsty" West.

During the Soviet Union, burial in the Novodevichy Cemetery was second in prestige only to burial in the Kremlin Wall Necropolis.

It took Putin 15 hours to publish a restrained condolence message on Gorbachev

Among the Soviet leaders, only Nikita Khrushchev was buried at the Novodevichy rather than at Red Square, however, Mikhail Gorbachev will be buried there according to his will.

Dozens of high-ranking politicians, poets, royals and intellectuals have been buried at the cemetery since it was established in the 16th century - among them Boris Yeltsin, Russia's first president and Gorbachev's political rival.

It is also the resting place of Gorbachev's wife, Raisa, who died in 1999.

Last Soviet leader Mikhail Gorbachev, who is awarded Nobel Peace Prize, dies at age of 91

Novodevichy Cemetery lies next to the southern wall of the 16th-century Novodevichy Convent, which is the city's third most popular tourist site.

Since the fall of the Soviet Union, the Kremlin Wall is no longer used for burials and the Novodevichy Cemetery is used for only the most symbolically significant burials.

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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.