Libya rivals in Moscow to sign ceasefire deal
January 13, 2020, 9:19 am

Libya rivals in Moscow to sign ceasefire deal

Libya has been wracked by bloody turmoil since the ouster of long-time dictator Moamer Kadhafi in 2011 File photo AFP

The heads of Libya's warring sides were to meet in Moscow on Monday to sign a ceasefire deal ending nine months of heavy fighting.

The meeting follows a diplomatic push by Turkey and Russia, which is keen to bolster its status as a powerbroker in the Middle East and step into a diplomatic void left by what observers see as a partial US retreat.

The two sides are expected to sign an agreement on the terms of a ceasefire that took effect over the weekend, raising hopes of an end to the fighting that has wracked the oil-rich North African country since a 2011 NATO-backed uprising killed longtime dictator Moamer Kadhafi.

The UN-recognised Government of National Accord (GNA) in Tripoli, headed by Fayez al-Sarraj, has been under attack since last April from forces loyal to strongman Khalifa Haftar, who is based in the east of the country.

Haftar and Sarraj were to meet in Moscow for talks along with "representatives of other Libyan sides", the Russian foreign ministry said, with Turkey and Russia's foreign and defense ministers acting as mediators.

Russian news agencies reported representatives of the two sides had arrived for talks, but it was unclear if Haftar and Sarraj would meet face-to-face.

The ceasefire initiative was launched by President Vladimir Putin and Turkish counterpart Recep Tayyip Erdogan, who jointly called for a truce in Istanbul last week.

German Chancellor Angela Merkel visited Putin on Saturday and he supported her drive to hold a peace conference sponsored by the United Nations in Berlin soon.

Italian Prime Minister Giuseppe Conte was also due in Turkey on Monday to discuss the situation in Libya with Erdogan.

Sarraj on Monday called on Libyans to "turn the page on the past, reject discord and to close ranks to move towards stability and peace".

His comments came after a ceasefire began at midnight on Sunday (2200 GMT on Saturday) in line with Putin and Erdogan's joint call.

Sarraj confirmed the ceasefire had taken effect.

Since the start of the offensive against Tripoli, more than 280 civilians and about 2,000 fighters have been killed and 146,000 Libyans displaced, according to the United Nations.

Turkey and Russia's diplomatic offensive came despite the countries being seen as supporting opposing sides.

Ankara dispatched troops -- in a training capacity, it said -- to support the GNA in January in a move criticized by leading European powers including Britain and France and US President Donald Trump.

Russia has been accused of backing pro-Haftar forces, which are supported by the United Arab Emirates, Saudi Arabia and Egypt -- all regional rivals of Turkey.

Several hundred Russian mercenaries are reported to be in Libya supporting Haftar but Putin said on Saturday that any Russians in the country were not in Moscow's pay.

The head of Libya's High Council of State, Khaled al-Mechri, said the ceasefire would pave the way for the revival of the political process.

The head of Russia's contact group to Tripoli, Lev Dengov, said the two rivals would have to determine in the Russian capital "the terms of the future settlement in Libya, including the possibility of signing an agreement on the ceasefire and its details".

"They will have separate meetings with Russian officials and emissaries of the Turkish delegation, which is cooperating with Russia on this issue," said Dengov, quoted by Russian news agencies.

"Representatives of the United Arab Emirates and Egypt will probably be present as observers at the talks."

Europe and North Africa have also launched a diplomatic offensive to try to prevent Libya, with the increased involvement of international players in its conflict, from turning into a "second Syria".

European governments, including former colonial power Italy, fear that Islamist militants and migrant smugglers, already highly active in Libya, will take further advantage of the chaos.

King Abdullah of Jordan on Monday warned that thousands of fighters have left Syria for Libya and "that is something we in the region but also our European friends will have to address in 2020".

source: AFP

China defends barring Human Rights Watch head from Hong Kong Queen gathers royals for crisis meeting with Prince Harry

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.