Hong Kong leader Carrie Lam says she will not seek a second five-year term of office
April 4, 2022, 12:04 pm

Hong Kong leader Carrie Lam says she will not seek a second five-year term of office

Carrie Lam waves during news conference after she won the election for Hong Kong's Chief Executive in Hong Kong. (File photo Reuters)

The Arab News reported, citing Reuters, Hong Kong’s embattled leader Carrie Lam, who has governed the global financial hub through the unprecedented upheaval of anti-government protests and COVID-19, said on Monday she will not seek a second five-year term of office.

Lam’s announcement came as media said Chief Secretary John Lee, Hong Kong’s second most senior official, was set to resign to join the race to replace Lam in May as the Chinese-ruled city’s next leader.

Lam told a regular press briefing: “There’s only one consideration and that is family. I have told everyone before that family is my first priority.” She said: “They think it’s time for me to go home.”

She declined to comment on possible candidates to replace her and said she had not decided on her future plans.

Lam, born in British-ruled Hong Kong in 1957 and a life-long civil servant who describes herself as a devout Catholic, took office in 2017 with a pledge to unite a city that was growing increasingly resentful of Beijing’s tightening grip.

Two years later, millions of democracy supporters took to the streets in sometimes violent anti-government protests. The unrest led to Beijing imposing a sweeping national security law in June 2020, giving it more power than ever to shape life in Hong Kong.

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An exasperated Lam said at the height of the unrest in 2019 that if she had the choice she would quit, adding in remarks to a group of business people that the chief executive “has to serve two masters by constitution, that is the central people’s government and the people of Hong Kong.”

“Political room for maneuvering is very, very, very limited,” she added, according to an audio recording of her comments obtained by Reuters.

Lam said on Monday she had proposed a government restructuring to mainland authorities that would include new policy departments but it would be up to the city’s next leader to decide whether to go ahead with the plan.

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City leaders are selected by a small election committee stacked with Beijing loyalists so whoever becomes the next leader of the former British colony will do so with Beijing’s tacit approval.

Lee, 64, a security official during the prolonged and often violent 2019 pro-democracy protests, was promoted in 2021 in a move some analysts said signaled Beijing’s renewed focus on security rather than the economy.

Lee did not immediately respond to a request for comment.

Other possible contenders mentioned in media include the city’s financial secretary, Paul Chan, as well as former leader Leung Chun-ying. None has yet to announce a bid.

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Hong Kong returned from British to Chinese rule in 1997 with the guarantee of wide-ranging freedoms, including an independent judiciary and right to public assembly, for at least 50 years.

The United States sanctioned both Lam and Lee, among other officials, in 2020, saying they had undermined Hong Kong’s high degree of autonomy from Beijing and curtailed political freedoms with the national security law that punishes offenses like subversion and secession with up to life imprisonment.

Chinese and Hong Kong authorities deny individual rights are being eroded and say the security law was needed to restore the stability necessary for economic success after the prolonged unrest.

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The leadership election was pushed back from March to May 8 to give the government time to battle a COVID outbreak that has infected more than a million of the 7.4 million people in the city. Lam’s term ends on June 30.

Since Hong Kong returned to Chinese rule it has had four chief executives, who all struggled to balance the democratic and liberal aspirations of many residents with the vision of China’s Communist Party leadership.

Source: arabnews

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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.