U.S. Navy seizes arms from Iran likely bound for Yemen
December 23, 2021, 7:23 am

U.S. Navy seizes arms from Iran likely bound for Yemen

Fishing ship/Pixabay

The Associated Press reported, the U.S. Navy said it seized a large cache of assault rifles and ammunition being smuggled by a fishing ship from Iran likely bound for war-ravaged Yemen.

U.S. Navy patrol ships discovered the weapons aboard what the Navy described as a stateless fishing vessel in an operation that began on Monday in the northern reaches of the Arabian Sea off Oman and Pakistan. Sailors boarded the vessel and found 1,400 Kalashnikov-style rifles and 226,600 rounds of ammunition, as well five Yemeni crew members.

It’s just the latest interdiction amid the grinding war in Yemen that pits Iran-backed Houthi rebels against a Saudi-led military coalition. Western nations and U.N. experts repeatedly have accused Iran of smuggling illicit weapons and technology into Yemen over the years, fueling the civil war and enabling the Houthis to fire missiles and drones into neighboring Saudi Arabia.

Iran denies arming the Houthis despite evidence to the contrary.

In an unusually pointed move, the statement late Wednesday from the Navy’s Bahrain-based 5th Fleet blamed Iran for sending the weapons, saying the boat was sailing along a route “historically used to traffic weapons unlawfully to the Houthis in Yemen.”

The statement added: “The direct or indirect supply, sale or transfer of weapons to the Houthis violates U.N. Security Council Resolutions and U.S. sanctions."

Iran’s mission to the United Nations did not immediately respond to a request for comment on the interception.

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U.S. Navy patrol ships transferred the confiscated weapons to the guided-missile destroyer USS O’Kane before sinking the fishing vessel because of the “hazard” it posed to commercial shipping. It said the Yemeni crew would be repatriated.

American seizures of arms bound for Yemen’s war, typically Kalashnikov rifles, machine guns and rocket-propelled grenade launchers, began in 2016 and have continued intermittently. Yemen is awash with small arms that have been smuggled into poorly controlled ports over years of conflict.

The Navy’s 5th fleet said it has confiscated some 8,700 illicit weapons so far this year across the 2.5 million-square-mile area it patrols, including the strategically important Red Sea and the Persian Gulf.

Yemen’s war erupted in 2014, when the Houthis seized the capital of Sanaa and much of the country’s north. Saudi Arabia, along with the United Arab Emirates and other countries, launched a bombing campaign months later to restore the internationally recognized government and oust the rebels.

The war has killed some 130,000 people and spawned the world’s worst humanitarian disaster.

Source: AP

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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.