Johnson unwise over the redecoration of his house but no report said about conflict of interest
May 29, 2021, 7:18 am

Johnson

British Prime Minister Boris Johnson "unwisely" allowed a refurbishment of his residence to proceed without more rigorous consideration of how it would be funded but did not break the ministerial code of conduct, an official report said on Friday.

Johnson has in recent weeks faced intense scrutiny over how the refurbishment, estimated in some media reports to have run into hundreds of thousands of pounds, had been financed.

On Friday the independent adviser on ministers' interests, Christopher Geidt, published a report into the issue which cleared the prime minister of a conflict of interest or of breaching the ministerial code.

But the report was nevertheless critical of Johnson.

"The Prime Minister – unwisely, in my view – allowed the refurbishment of the apartment at No 11 Downing Street to proceed without more rigorous regard for how this would be funded," the report said.

It found that a Conservative Party donor, David Brownlow had settled an invoice for some of the refurbishment cost, but said Johnson was unaware of this and later settled the full amount himself when he found out via media reports.

Geidt said no conflict of interest had arisen.

"I have considered the nature of that support and am content that no conflict (or reasonably perceived conflict) arises as a result of these interests," the report said.

"Having advised that the interests declared by the Prime Minister present no actual or perceived conflict, I consider them to be consistent with the provisions of the Ministerial Code."

A breach of the ministerial code could have forced Johnson to resign.

A spokesman for Johnson's office said: "Other than works funded through the annual allowance, the costs of the wider refurbishment of the flat are not being financed by taxpayers and have been settled by the Prime Minister personally."

Separately, Britain's Electoral Commission has launched an investigation into the funding of work on the prime minister's apartment, saying there were grounds to suspect an offence had been committed.

Brownlow, chairman of the privately owned investment portfolio and trading group Haversham, is a donor and former vice-chairman of Johnson's Conservative Party from 2017 to July 2020.

The report also criticised officials for not informing the prime minister that an invoice had been covered by Brownlow, and said they had not properly managed a proposal to set up a trust to pay for the works.

Michael Holden

Reuters, May 28, 2021/6:24 PM EEST

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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.