United Nations urged to take action over Iranian attacks on shipping in the Gulf
August 5, 2021, 6:23 am

United Nations urged to take action over Iranian attacks on shipping in the Gulf

UN urged to act over Iran piracy in the Gulf

The ArabNews reported the UN was urged on Wednesday to take action against Tehran after two Iranian attacks on shipping in the Gulf in less than a week. United Nations

It said, British Foreign Secretary Dominic Raab said the UN Security Council “must respond to Iran’s destabilizing actions and lack of respect for international law.”

The news outlet added, Raab spoke after Iranian hijackers who seized the Panama-flagged tanker Asphalt Princess off the UAE coast on Tuesday fled the vessel, and it resumed its course toward the port of Sohar in northern Oman.

In a dramatic audio recording of the incident, one of the tanker’s crew tells the UAE coast guard that five or six armed Iranians have boarded the vessel.

“Iranian people are onboard with ammunition,” the crewman member says. “We are … now drifting. We cannot tell you exactly our ETA to Sohar.”

When the Emirati coast guard asks the crewman what the Iranian gunmen are doing onboard, he says he “cannot understand them,” his voice muffled, before trying to hand over the radio to someone else. The call then cuts off.

Satellite tracking data for the Asphalt Princess then showed it gradually heading toward Iranian waters off the port of Jask early on Wednesday. Hours later, it stopped and changed course toward Oman, just before British Navy monitors said the hijackers had left and the vessel was now “safe.”

The maritime intelligence company Dryad Global said the seizure of the Asphalt Princess was the latest Iranian response to outside pressures, economic conflicts and other perceived grievances.

“Iran has consistently shown that in conducting this kind of operation, it is calculated in doing so, both by targeting vessels directly connected with ongoing disputes, and vessels operating within the ‘grey space’ of legitimacy,” which may be involved in illicit trade, it said.

The hijacking followed an attack last Thursday by Iranian explosives-laden drones on the MT Mercer Street, a Liberian-flagged, Japanese-owned petroleum product tanker operated by an Israeli company based in the UK. The ship’s Romanian captain and a British security guard were killed in the attack, prompting international outrage.

Iran has staged a series of attacks on shipping in the region over the past two years, including limpet mine attacks that damaged tankers.

The Islamic Revolutionary Guard Corps seized the British-flagged tanker Stena Impero in the summer of 2019, and in January this year they stormed a South Korean tanker and forced it to change course and head for Iran.

levant

Source: arabnews
Image source: AFP-arabnews

United States plans to begin allowing fully vaccinated foreigners back in Mass protests erupt in Lebanon on occasion of first anniversary of the Beirut blasts

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.