Saudi Arabia’s anti-corruption authority initiates several criminal cases
March 22, 2021, 11:11 am

Saudi Arabia’s anti-corruption authority initiates several criminal cases

Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha). (Supplied)

Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha) on Sunday announced it was initiating a number of criminal cases and legal procedures against corrupt individuals in the Kingdom.

Two municipal employees and one bank employee were arrested for allegedly embezzling more than $1.3 million (5 million riyals) and rewarding a $15.9 million (60 million riyals) project to a company, according to Nazaha.

Three university employees were also arrested for receiving more than $1.1 million (4.4 million riyals) in return for awarding several contracts totaling more than $3.6 million (13.84 million riyals).

A bank branch manager and a businessman involved in the case were also arrested. All five are accused of laundering the money, Nazaha said.

https://twitter.com/nazaha_en/status/1373719308065505283

In the third case, a former university employee is accused of receiving $63,984 (240,000 riyals) from a businessman in exchange for overlooking a number of violations made with the complicity of a resident engineer. All three men were arrested.

In cooperation with the General Authority of Civil Aviation, a former employee in the Contracts and Procurement Department at one of the international airports, and a businessman were both arrested, Nazaha said in a statement.

The former employee had allowed the businessman, who was his relative, to obtain 218 direct purchase orders in an unlawful way.

In the fifth case, a former employee of the Saudi Authority for Industrial Cities and Technology Zones (Modon) allegedly received $60,185 (225,750 riyals) from a businessman in exchange for a statement on his company’s competency, which later led to his company being awarded projects from the authority, according to Nazaha.

They were both arrested.

In the sixth case, an employee from Saudi Customs was accused of receiving $153,109 (574,300 riyals) from a customs broker in exchange for clearing containers with tobacco stored, and using bank accounts of his relatives.

Four non-commission officers working at the General Department of Traffic in one of the regions were arrested for pulling over a resident and allowing their colleague (a retired non-commissioned officer) to search his vehicle and steal $53,320 (200,000 riyals) from his car, Nazaha said.

A retired non-commissioned officer from a police department was also arrested for allegedly receiving $58,585 (219,750 riyals) and blocks of gold, while working as a warehouse keeper and then laundering them by purchasing and selling cars through a dealership that belongs to his relative.

A citizen arrested for possessing narcotics is also being accused of bribing an arrest squad of the General Directorate of Narcotics Control with $53,320 (200,000 riyals) during his arrest.

In the last case, the arrests of a colonel and a non-commissioned officer from the General Directorate of Passports in one of the regions were made for allegedly registering the former’s relative a fake entry into the Kingdom, upon his request.

Nazaha said it will continue “to pursue anyone who exploits the public office to achieve personal gain or harm the public interest in any way possible, and that the accountability extends far beyond the retirement of any individual.”

https://twitter.com/nazaha_en/status/1373719350763470853

source: Tamara Abueish

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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.