Last Soviet leader Mikhail Gorbachev, who is awarded Nobel Peace Prize, dies at age of 91
August 31, 2022, 8:14 am

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

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

Mikhail Gorbachev, the former Soviet leader who brought the Cold War to an end without bloodshed, has died aged 91.

Gorbachev, who took power in 1985, was unable to prevent the slow collapse of the Soviet Union, from which modern Russia emerged.

He opened up the then-USSR to the world and introduced a set of reforms at home, revitalised the system by introducing limited political and economic freedoms, but his reforms spun out of control.

His policy of 'glasnost' - free speech - allowed previously unthinkable criticism of the party and the state, but also emboldened nationalists who began to press for independence in the Baltic republics of Latvia, Lithuania, Estonia and elsewhere, according to Reuters.

Many Russians never forgave Gorbachev for the turbulence that his reforms unleashed, considering the subsequent plunge in their living standards too high a price to pay for democracy.

There’s an old saying, “Never meet your heroes.” I think that’s some of the worst advice I’ve ever heard. Mikhail Gorbachev was one of my heroes, and it was an honor and a joy to meet him. I was unbelievably lucky to call him a friend. All of us can learn from his fantastic life. pic.twitter.com/All5suSke1
— Arnold (@Schwarzenegger) August 30, 2022

After visiting Gorbachev in hospital on June 30, liberal economist Ruslan Grinberg told the armed forces news outlet Zvezda: "He gave us all freedom - but we don't know what to do with it."

In recent years his health has been in decline and he had been in and out of hospital. In June, international media reported that he had been admitted after suffering from a kidney ailment, though his cause of death has not been announced, the BBC reported.

Tributes have been paid worldwide, with UN chief Antonio Guterres saying he "changed the course of history".

📼 MEMORIA: Cuando cayó la URSS Mikhail Gorbachev protagonizó este histórico comercial de Pizza Hut. pic.twitter.com/vhYMD8Oocx
— Nicolas Copano (@copano) August 30, 2022

"Mikhail Gorbachev was a one-of-a kind statesman," UN Secretary General Mr Guterres wrote in a Twitter tribute. "The world has lost a towering global leader, committed multilateralist, and tireless advocate for peace."

Russian President Vladimir Putin on Tuesday expressed his deepest condolences on the death of former Soviet leader Mikhail Gorbachev, Kremlin spokesman Dmitry Peskov told Interfax news agency.

US President Joe Biden called him a "rare leader" and praised Mr Gorbachev as a unique politician who had the "imagination to see that a different future was possible" amid the tensions of the Cold War.

Latvia begins dismantling Soviet victory monument

European Union President Ursula von der Leyen praised him as a "trusted and respected leader" who "opened the way for a free Europe".

"This legacy is one we will not forget," she added.

UK Prime Minister Boris Johnson said he admired Mr Gorbachev's courage and integrity, adding: "In a time of Putin's aggression in Ukraine, his tireless commitment to opening up Soviet society remains an example to us all."

Gorbachev was born on March - 2 - 1931, in Privolnoye, Stavropol Krai, to a poor peasant family of Russian and Ukrainian heritage.

Competition launched to de-Sovietize Odesa’s Opera Theatre Square

He grew up under the rule of Joseph Stalin. In his youth he operated combine harvesters on a collective farm before joining the Communist Party, which then governed the Soviet Union as a one-party state according to the prevailing interpretation of Marxist–Leninist doctrine.

In 1953, and while studying at Moscow State University, he married fellow student Raisa Titarenko, prior to receiving his law degree in 1955.

Gorbachev believed significant reform was necessary to the Soviet state and to its socialist ideals, particularly after the 1986 Chernobyl disaster.

Finland removes controversial monument gifted by Soviet Union in 1989

He withdrew from the Soviet–Afghan War and embarked on summits with United States president Ronald Reagan to limit nuclear weapons and end the Cold War.

In 1991, the Soviet Union dissolved against Gorbachev's wishes and he resigned. After leaving office, he launched his Gorbachev Foundation, became a vocal critic of Russian presidents Boris Yeltsin and Vladimir Putin, and campaigned for Russia's social-democratic movement.

Gorbachev is credited for his crucial role in the fall of the Berlin Wall and subsequent reunification of Germany.

For his excellent leadership and his contributions to the overall betterment of world development, Gorbachev was awarded the Nobel Peace Prize in 1990.

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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.