Malaysian PM Mahathir Mohamad submits resignation: Statement
February 24, 2020, 10:25 am

Malaysian PM Mahathir Mohamad submits resignation: Statement

Malaysia's Prime Minister Mahathir Mohamad speaks during a joint news conference. (File photo Reuters)

Prime Minister Mahathir Mohamad tendered his resignation to Malaysia’s king Monday while his political party quit the ruling alliance in a shocking political upheaval less than two years after his election victory.

The prime minister’s office said in a brief statement that Mahathir submitted his resignation to the palace at 1 p.m. but gave no further details.

The stunning turn of events comes amid plans by Mahathir supporters to team with opposition parties to form a new government and thwart the transition of power to his named successor Anwar Ibrahim, replaying their decades-old feud.

Minutes before his resignation was offered, Mahathir’s Bersatu party announced it would leave the alliance and support Mahathir as the premier. Eleven other lawmakers, including several Cabinet ministers, also announced they are quitting Anwar’s party.

With some 50 lawmakers from Bersatu and Anwar’s party leaving the ruling alliance, the maneuvers leave to doubt whether Anwar has enough support to take power.

Mahathir and Anwar were Malaysia’s top two leaders in Mahathir’s first stint as premier but fell out politically before reuniting in the political pact that ousted a corruption-tainted government in the May 2018 election. Their relationship has been testy, with Mahathir refusing to set a date to relinquish power despite a pre-election agreement to hand overpower.

Anwar said earlier Monday that he was satisfied the government’s reform agenda will continue. He refused to say more.

Ironically, the maneuvers could restore to power the Malay party of disgraced former leader Najib Razak, who with several of his party leaders are standing trial for corruption. It could also propel to national power a fundamentalist Islamic party that rules two states and champions Islamic laws. The two Malay parties still have strong support from ethnic Malays, who account for 60 percent of Malaysia's 32 million people.

Anwar and his wife Wan Azizah Wan Ismail, who is currently the country’s deputy prime minister, were due to meet the king on Monday. Wan Azizah tweeted that “men can plan but Allah decides,” urging supporters to believe God will side with those who are patient.

Analysts said King Sultan Abdullah Sultan Ahmad Shah could decide which faction has the majority support in Parliament or call a snap election. They warned that such a new government could give rise to Malay Islamic supremacy that will derail Malaysia’s multiethnic society.

“Mahathir’s top political priority is to stave off Anwar’s increasingly vigorous claim on the premiership. So he had to work with otherwise unsavory opposition parties to form a working parliamentary majority to counter and warn off Anwar,” said Oh Ei Sun, a senior fellow at the Singapore Institute of International Affairs. “If the new government goes through, Malaysia is heading toward a very regressive stage whereby racial supremacy and religious extremism would become the rule of the day.”

source: 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.