Switzerland blocks transfer of arms and armored vehicles to Ukraine
June 4, 2022, 12:29 pm

Switzerland blocks transfer of arms and armored vehicles to Ukraine

Andriy Chorny-Kuybida, one of the Ukrainian soldiers killed by the Russian invasion (Photo: Euromaidan Press)

The Alarabiya English reported, citing the AFP, Switzerland insisted Friday (June 3) that it would not allow Swiss war materiel to be transferred via third countries to Ukraine, in line with its strict military neutrality.

However it decided that individual parts and assembly packages could be delivered to European defense companies even if they will be used to produce war materiel that might later be transferred to Ukraine.

Switzerland said it had received requests from Germany and Denmark to transfer war materiel to Ukraine.

The German request concerned around 12,400 rounds of 35-millimetre ammunition produced by Switzerland for self-propelled anti-aircraft guns, and for Piranha III wheeled armored personnel carriers (APCs) that were originally procured by Denmark and which have been stored in Germany since they were decommissioned.

The request made by Denmark concerns 22 Swiss-made Piranha III wheeled APCs.

Under Switzerland’s War Materiel Act, export requests cannot be approved if the recipient country is in an international armed conflict.

The Federal Council government said in a statement: “Given that exports of such goods from Switzerland to Ukraine cannot be approved due to the law of neutrality’s principle of equal treatment and the provisions of the War Materiel Act, it follows that it is not possible to approve the transfer of Swiss war materiel by Germany and Denmark to Ukraine."

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The government also decided Friday on two requests by Swiss firms to export parts and assembly packages to defense companies in neighboring Germany and Italy.

The requests concerned components for both hand-held anti-tank weapons and for anti-aircraft weapons.

The government said: “There is a risk that some of the components could be incorporated into war materiel abroad that could then be passed on to Ukraine."

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The War Materiel Act allows Swiss companies to participate in international value chains of the defense industry.

In practice, the Swiss government has generally only tended to approve the export of parts and assembly packages if their share in the end product’s value remains below a certain threshold - less than 50 percent in the case of Italy or Germany.

It said: “The Federal Council has decided to continue this practice. Exports of this kind are compatible with the law of neutrality."

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Within days of Russia’s February 24 invasion of Ukraine, Switzerland decided to match the neighboring European Union’s sanctions on Moscow, breaking with the neutral Alpine country’s traditional reserve.

Switzerland’s long-standing position is one of armed neutrality and the landlocked European country has mandatory conscription for men.

Source: alarabiyaenglish

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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.