Iran’s IRGC praises army’s ‘timely’ crackdown against ‘rioters’
November 21, 2019, 9:55 am

Iran’s IRGC praises army’s ‘timely’ crackdown against ‘rioters’

A police station that was set on fire during the protests. (AFP)

Iran’s Islamic Revolutionary Guard Corps (IRGC) on Thursday praised the Iranian armed forces for taking “timely” action against “rioters” and said calm had returned after days of unrest sparked by a hike in petrol prices.

“Incidents, big and small, caused by the rise in petrol price took place in (a little) less than 100 cities across Iran,” said a statement on the IRGC’s official website Sepahnews.com.

The IRGC said the “incidents were ended in less than 24 hours and in some cities in 72 hours” as a result of the “armed forces’ insight and timely action.”

The organization also noted that it had arrested “the rioters’ leaders” in the provinces of Tehran and Alborz and in the southern city of Shiraz. External reports suggest that Shiraz was a particularly strong center for the unrest.

The comments come a day after Iranian President Hassan Rouhani claimed victory for the government and said Iran had passed an “historic test.” The day before, Supreme Leader Ali Khamenei had said that the enemy had been “repelled.”

However, the near-total internet shutdown in the country means that it is difficult to ascertain whether protests are still ongoing or not.

Iran’s state TV has not aired any new footage of the unrest since Wednesday, focusing rather on “spontaneous” pro-government rallies in several cities across the country.

Iranians took to the streets on November 15 in response to the government hiking the price of fuel as part of a fiscal reform measure. Iran's economy is struggling amid international isolation stemming from the US' “maximum pressure” sanctions campaign.

Iranian security forces responded to protests with lethal force in various cities across the country, with one newspaper suggesting the death penalty for protesters. The death toll from the protests is also difficult to ascertain due to the government's internet shutdown.

A report by the opposition broadcaster put the death toll at at least 138. Several activists have put the number as high as 200, while the government has yet to announce an official figure.

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.