S.Sudan president offers key compromise for peace
February 15, 2020, 9:35 am

S.Sudan president offers key compromise for peace

South Sudan's President Salva Kiir Kiir's had repeatedly refused to back down on the number of states, but had come under intense international pressure to compromise File photo AFP

South Sudan's president said on Saturday he would return to a system of 10 states, a key opposition demand, paving the way for a unity government and an end to the country's civil war.

"The compromise we have just made is in the interest of peace...I expect the opposition to reciprocate," Salva Kiir said, after a meeting of top government and military officials in the capital Juba.

Kiir and rebel chief Riek Machar are under increasing pressure to resolve their differences by February 22 and form a unity government as part of a peace agreement.

The pair have already missed two previous deadlines to enshrine peace and end a six-year conflict that has left at least 380,000 people dead and millions in dire poverty.

When they met last week in neighbouring Ethiopia, the talks ended in deadlock -- but Kiir's announcement means a key concern of Machar has been resolved.

"This decision may not have been the best option for our people but for the sake of peace and unity in the country, the Presidency sees it necessary," a government statement added.

There was no immediate reaction from Machar.

The number of states is contentious because the borders will determine the divisions of power in the country.

When it gained independence from Sudan in 2011, South Sudan had 10 states, as set out in its constitution. Kiir increased that in 2015 to 28, and then later 32.

But on Saturday, a presidential statement confirmed that Kiir had "resolved to return the country to 10 states and their previous counties".

Kiir's had repeatedly refused to back down on the number of states, but had come under intense international pressure to compromise.

Machar previously said he could not return to his old job as vice-president if the status quo on states remained.

Violence in the war has reduced since Kiir and Machar signed a deal in September 2018, and diplomats warned that keeping that peace is critical.

The final matter of states will be debated once the unity government forms, the statement added.

As well as the 10 states, there will also be three separate "administrative areas" of Ruweng, Pibor and Abyei -- the final is a special border region also claimed by neighbouring Sudan.

Kiir and Machar are old rivals who have fought and made up multiple times.

Their latest agreement came when they signed a peace deal in September 2018, pausing the bloodshed that erupted in 2013 when the president accused his former deputy of plotting a coup.

They agreed to come together in a coalition in May 2019. However disputes over territory and security arrangements dogged negotiations and the deadline was missed, followed by another six months later.

In November, the pair were given 100 more days to resolve these sticking points. That extension finishes next Saturday.

The eight-nation East African bloc of nations, IGAD, warned last week that any extension beyond February 22 was "neither desirable nor feasible."

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.