Iran tells South Korea not to politicize seized vessel, demands release of funds
January 11, 2021, 11:41 am

Iran tells South Korea not to politicize seized vessel, demands release of funds

A picture obtained by AFP from the Iranian news agency Tasnim on January 4, 2021, shows the South Korean-flagged tanker being escorted by Iran's Revolutionary Guards navy after being seized in the Gulf. (Tasnim News/AFP)

Iran said on Sunday that South Korea should avoid politicizing the seizure of its vessel by Iranian Revolutionary Guards in the Arabian Gulf, Iranian state media reported, while pressing Seoul to release $7 billion in funds frozen amid US sanctions.

South Korea’s vice foreign minister, Choi Jong-kun, arrived in Tehran on Sunday to discuss the release of the South Korean-flagged MT Hankuk Chemi, which was seized by the Guards on Monday near the strategic Strait of Hormuz.

Iran has denied allegations that the seizure of the tanker and its 20-member crew amounted to hostage taking, and said it was Seoul that was holding Iran’s funds “hostage.”

Iran’s deputy Foreign Minister Abbas Araqchi told South Korea’s Choi that Seoul “should refrain from politicizing the issue and fruitless propaganda and allow the legal proceedings to proceed,” Iran’s state TV reported.

Iran’s government spokesman said on Tuesday the vessel was seized based on an Iranian court order for “environmental pollution.”

However, the ship’s Busan-based operator, Taikun Shipping Co. Ltd., told Reuters there was nothing to indicate before the seizure of the vessel that Iranian authorities were probing possible violations of environmental rules.

“For about two and a half years, South Korean banks have frozen Iran’s funds ... it is not acceptable ... In our view, this is more because of Seoul’s lack of political will (to resolve the issue) than the US sanctions,” the semi-official Fars news agency quoted Araqchi as saying.

https://twitter.com/AuroraIntel/status/1346064045879808002

The United States re-imposed sanctions on Iran in 2018 after President Donald Trump withdrew Washington from Tehran’s 2015 nuclear deal with six major powers. Under that deal, Iran had agreed to curb its nuclear work in exchange for the lifting of sanctions.

Iran has retaliated by bypassing the restrictions of the deal step by step. In a move that could complicate efforts by US President-elect Joe Biden to rejoin the deal, Tehran said on Monday it had resumed 20 percent uranium enrichment at its underground Fordow nuclear facility.

source: Reuters

Image 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.