Pakistan expels Indian envoy, suspends trade over Kashmir
August 8, 2019, 4:07 am

Pakistan expels Indian envoy, suspends trade over Kashmir

Pakistan’s Prime Minister Imran Khan (L) chairs a National Security Committee meeting along with armed forces chiefs and other government officials in Islamabad on August 7, 2019. (AFP)

Pakistan downgraded its diplomatic ties with nuclear-armed rival India on Wednesday, announcing that it will expel the Indian envoy and suspend trade in a deepening row over New Delhi’s move to tighten its grip on disputed Kashmir.

New Delhi stripped the Himalayan region of its seven-decade-long semi-autonomous status on Monday through a contentious presidential decree, just hours after it imposed a crippling curfew on the valley.

Experts have predicted the move will trigger conflict with Pakistan, which has a competing claim to the Muslim-majority valley, and reignite an insurgency that has already cost tens of thousands of lives.

Delhi has insisted that the move is an internal matter.

But Islamabad has called for the international community to intervene and vowed to take the matter to the United Nations Security Council.

“We will call back our ambassador from Delhi and send back their envoy,” foreign minister Shah Mehmood Qureshi announced in televised comments on Wednesday.

He spoke as the government released a statement declaring that Pakistan will suspend trade with India and review its bilateral ties with Delhi.

“Prime Minister Imran Khan today chaired meeting of the National Security Committee” to discuss the “unilateral and illegal actions by the Indian government” in Kashmir, the statement said.

“The Committee decided to take following actions: - 1. Downgrading of diplomatic relations with India. 2. Suspension of bilateral trade with India. 3. Review of bilateral arrangements. 4. Matter to be taken to the United Nations, including the Security Council,” it continued.

Khan “directed that all diplomatic channels be activated to expose brutal Indian racist regime, design and human rights violations,” the statement added.

He also called on the military to continue its “vigilance.”

Kashmir has been divided between Pakistan and India since independence in 1947.

They have contesting claims on the Himalayan region, and have fought two of their three wars over it.

Earlier this year they came to the brink of war once more, after a deadly attack in Indian-held Kashmir was claimed by a militant group based in Pakistan, prompting tit-for-tat airstrikes over the mountainous region.

The Pakistani military said Tuesday that it “firmly stands” with Kashmiris.

An armed rebellion against Indian rule has raged in the valley since 1989, claiming more than 70,000 lives, mostly civilians.

Long a semi-autonomous state where only local residents could buy land or take government jobs, Kashmir’s new status is as a territory directly ruled by New Delhi.

Its summer capital Srinagar appeared a ghost town on Wednesday as the security lockdown took hold, with armed soldiers on corners and in front of barbed wire barricades among the few people to be seen in the streets.

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.