US ‘disappointed’ as UN International Court of Justice takes up Iran sanctions
February 4, 2021, 11:09 am

US ‘disappointed’ as UN International Court of Justice takes up Iran sanctions

US State Department Spokesman Ned Price speaks to the press, Feb. 2, 2021. (Screengrab)

The US on Wednesday said it was “disappointed” by the top UN court’s ruling that it can take up Iran’s bid to overturn US sanctions reimposed by Donald Trump.

In a sharp shift in tone from Trump’s “America First” rhetoric, President Joe Biden’s State Department said it had “great respect” for the International Court of Justice.

But State Department spokesman Ned Price said: “We are disappointed that the court did not accept our well-founded legal arguments that the case Iran brought is outside the court’s jurisdiction.”

He criticized Iran for casting the ruling as a victory, saying that the court had issued “a preliminary ruling, not a decision on the merits.”

“In the next phase of this case we’ll explain why Iran’s claim has no merits,” Price said.

“We remain clear-eyed about the dangers posed by Iran’s malign activities and that’s again why we are undertaking the important diplomacy, that we are at the moment.”

Trump in 2018 pulled out of a nuclear deal negotiated by his predecessor Barack Obama and reimposed sweeping sanctions.

In the suit, Iran said that the US breached a 1955 friendship treaty between the two countries -- at a time when Washington was a close ally of the Western-oriented shah.

International Court of Justice President Abdulqawi Ahmed Yusuf rejected US objections by saying that the tribunal in The Hague had jurisdiction to take up the case, but a ruling could be months or even years away.

The case comes as the Biden administration inches toward returning to diplomacy with Iran, a process that could see the president advocating for easing sanctions.

Biden has voiced support for returning to the nuclear accord but his administration says that Iran must first return to compliance -- undoing steps it took to protest Trump’s sanctions.

Under Trump, the State Department responded to Iran’s suit by revoking the Treaty of Amity.

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.