Arrest of Hilal Hilal Uncovers Corruption Files in Ruling Party in Damascus
August 4, 2024, 9:15 pm

Hilal Hilal Next To Al-Asaad

Arrest of Hilal Hilal Uncovers Corruption Files in Ruling Party in Damascus

The fallout from Hilal Hilal's case goes beyond the individual, shedding light on the extent of corruption and embezzlement at the highest levels of the Baath party

The financial embezzlement charges against former Baath Party official Hilal Hilal have caused a significant stir, especially with leaks about his looting and squandering of "party assets," according to the party's auditing committee. This committee was formed following complaints regarding the distribution of houses, properties, and vehicles, and the transfer of funds abroad to individuals described as "close to Hilal and wartime cronies," as reported by sources within Damascus

The new Baath Party leadership has established inspection and review teams to scrutinize the central leadership’s records. Recent revelations have uncovered corruption and embezzlement amounting to billions of Syrian pounds. According to informed sources in Damascus, "Hilal's alliance with the Qaterji group has highlighted numerous cases of corruption." They noted that Baraa Qaterji, who was recently killed in Damascus by an Israeli airstrike according to the regime, had allied with Hilal in the 2020 parliamentary elections, garnering the support of families and tribes in Aleppo, which led to Qaterji's entry into parliament and the sidelining of former head of the Syrian Chambers of Industry Federation, Fares Shehabi

The sources confirmed that Hilal Hilal has been detained in connection with investigations related to corruption and embezzlement. The investigations, which began with the new party leadership's tenure, recently unveiled the involvement of prominent party figures, including Hilal, in embezzling and wasting public funds estimated in the tens of billions

Sources from the Syrian capital revealed the uncovering of a corruption network linking employees and managers in key government positions with leaders in significant roles within the Baath Party. This network has been implicated in thefts amounting to millions of dollars from Al-Sham Private University, fraudulent procurement contracts, and large bank deposits to benefit from interest

Regarding the escape of involved parties, the sources confirmed that Hilal Hilal is currently in custody, with recommendations issued to seize the assets of some of those implicated in corruption within the party apparatus, and travel bans and asset seizures for others, along with the detention of main culprits

In terms of the "party corruption network" and its connections to neighboring countries, the sources indicated that the issue is "entirely internal" and might relate to "score-settling." However, the corruption is local, involving a network and alliances at the highest echelons of the party and state. They added that Ibrahim Al-Hadeed, the new deputy secretary-general of the Baath Party, announced during a board meeting of the "Dar Al-Baath" about a significant overhaul after admitting the errors of comrades and the necessity of change, emphasizing that the Baath Party remains unrivaled on the national stage

Syrian President Bashar Al-Assad, in his capacity as the party's secretary-general, announced a plan to "revamp and renew the system of work within the party, society, and state." During a central committee meeting, he emphasized that ideological parties gain greater importance in the current global circumstances. Former party central committee member Mohammad stated that renewal and change are necessary, highlighting that the party suffers from stagnation and lack of accountability. He described the uncovering of corruption as the first step since the era of Hafez Al-Assad, who granted the party immunity and sanctity. Mohammad added that opening security files would reveal bigger scandals involving theft, corruption, and even murder and collaboration

Mohammad told "Al-Araby Al-Jadeed" that inspection committees continue to expose corruption and thefts in cooperation with relevant official bodies, determined to complete their mission regardless of the involved individuals' identities. He confirmed the recovery of hundreds of thousands of dollars, the vacating of houses, the confiscation of cars granted by Hilal Hilal, the freezing of accounts, the seizure of funds, and the detention of influential figures

Lastly, Mohammad noted that the statement issued by the central leadership’s media office of the Arab Socialist Baath Party on Friday evening is an attempt to "contain the scandal" following widespread reaction within Syria and the exposure of billion-dollar thefts, while the people suffer from starvation and poverty. He emphasized that the statement uses wooden rhetoric with implicit threats and accusatory tones, anticipating that the issue will conclude with the announcement of a new phase for the party in line with the "clean-up" declared by President Bashar Al-Assad in the party, parliament, and state

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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.