Weapons supplied by Iran to Houthi allies in Yemen smuggled into Somalia for Al Shabab insurgents
November 11, 2021, 8:43 am

Weapons supplied by Iran to Houthi allies in Yemen smuggled into Somalia for Al Shabab insurgents

The ICRC and the Somali Red Crescent distribute food from community kitchens/ICRC official Facebook page

The VOI reported according to an agency based in Geneva, Switzerland, weapons supplied by Iran to Houthi allies in Yemen are being smuggled across the Gulf of Aden into Somalia, where Al-Qaeda-linked Al Shabab insurgents are battling a weak and divided government.

The Global Initiative against Transnational Organized Crime said its study took data from more than 400 weapons documented at 13 locations across Somalia over eight months, and an inventory of 13 dhows intercepted by naval vessels.

This is the first publicly available study of the scale of illicit arms smuggling from Yemen to the Horn of Africa country.

"Weapons originating from the Iran-Yemeni arms trade are being trafficked to Somalia itself," said the study, which will be published on Wednesday, citing Reuters Nov. 10.

The study continued: "Iran has repeatedly denied involvement in arms trade to the Houthis. However, most of the evidence points to Iranian state supplies."

Iran's Foreign Ministry and a spokesman for Yemen's Houthi forces did not respond to requests for comment on the study. Iran has repeatedly denied involvement in arms trafficking to Houthi allies in Yemen, where a six-year civil war has claimed tens of thousands of lives.

Meanwhile, a spokesman for the Somalia government and the interior security minister did not return calls or messages seeking comment.

The study said investigators were unable to fully document gun buyers and sellers. But it said signs of the weapons were originally supplied by the Iranian state, including very close serial numbers indicating they were part of the same shipment, information from a satellite navigation system about confiscated dhows, and human intelligence from smuggling gangs.

One dhow carrying weapons seized by a US Navy ship had GPS with stored points in Iran, southern Yemen, and Somalia, the report said, including a small port near the port of Jask, which houses an Iranian naval base, and a 'home' ' as the port of Mukalla in Yemen, a notorious center for arms smuggling.

Additionally, the study said the weapons ended up with commercial smuggling networks, whose customers could include armed factions seeking to profit ahead of Somalia's repeatedly delayed presidential election, as well as clan militias and rival Islamist insurgent groups linked to Al Qaeda and the State. Islam.

Source: voi

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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.