Escape or Protection? Saint Petersburg: The New Haven for the Assad Family !
August 22, 2024, 1:58 pm

Bashar Al Asaad/ Putin

Escape or Protection? Saint Petersburg: The New Haven for the Assad Family

The various reasons behind the Syrian regime leader's stay in Russia raise many questions about the future of Syria's leadership and regional alliances.

According to exclusive sources within Syria cited by the London-based Levant newspaper, since Syrian regime leader Bashar al-Assad traveled to Russia and met with Putin, he has not returned to Syria and is now residing in Saint Petersburg, where he owns a house. According to these sources, Bashar al-Assad's daughter is with him, along with the daughter of Ammar Suleiman, who is allegedly involved in "collecting/stealing" money monthly from Syria and delivering it to Putin.

House Arrest or Protection? According to the sources, there are conflicting accounts regarding the reasons for Bashar al-Assad's stay in Russia. Some suggest it could be a form of house arrest imposed by Putin, while others believe it is for his protection, preventing him from being targeted if he returns to Syria.

The first possibility is that Bashar al-Assad's stay in Russia is a form of house arrest ordered by Russian President Vladimir Putin. This would mean Assad is under a form of house arrest imposed by the Russian government, indicating Russian control or pressure on the Syrian regime's leadership. This scenario raises questions about the independence of Syrian decision-making and the extent of Kremlin influence on Syrian policies.

The second possibility is that Assad's stay in Russia serves as a protective measure to prevent him from being targeted if he returns to Syria. This reflects concerns over potential security threats to Assad, whether from within Syria or from regional or international forces. In this context, Russia might be providing protection to Assad as part of its strategy to maintain stability in Syria and secure its interests there.

Possibility of Elimination by Iranians: The sources also did not rule out other possibilities, such as Assad's stay in Russia being intended to prevent the Iranians from eliminating him if they had discovered his leaking of information that endangered individuals within Tehran’s orbit, either inside or outside Syria.

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This scenario is based on the hypothesis that Assad may have leaked sensitive information that threatens individuals close to Tehran, whether inside Syria or abroad. If this hypothesis is correct, Assad's stay in Russia might be a way to ensure his safety from any retaliatory attempts by the Iranian side. This could reflect potential tensions between Assad and his regional allies, indicating that Assad might feel at risk if he returns to Syria, making Russia the safest place for him at the moment.

Fears of Being Targeted by Hezbollah or Israel: The sources also considered the possibility that Assad's stay in Russia is due to disputes between him and Hezbollah, making him fearful of returning to Syria.

The sources suggested that there might be disagreements between Bashar al-Assad and his regional allies, such as Hezbollah, which could make him reluctant to return to Syria. Political or strategic disagreements could lead to tensions, prompting Assad to prefer staying in Russia for greater safety.

Additionally, there are concerns that Assad could be targeted by the Israelis. This possibility reflects ongoing security tensions in the region and the Syrian-Israeli conflict, suggesting that Assad's stay in Russia might be a way to avoid these risks and ensure his safety.

Risks of Assad's Return to Syria: It seems that all these possibilities are plausible, indicating that Assad's life in Syria during this period is at its most threatened since the long uprising began by Syrians in 2011. This is especially true as some of his supposed friends have become a source of concern for him, particularly with Assad not being involved in the ongoing battle in Gaza following Hamas's surprise attack on Israel on October 7th.

Given the unstable security situation and shifting political landscape, Assad feels that he is a target for many parties, whether former allies or adversaries.

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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.