Iran’s Revolutionary Guards warn of ‘decisive’ action if unrest continues
November 19, 2019, 10:11 am

Iran’s Revolutionary Guards warn of ‘decisive’ action if unrest continues

Members of Iran’s Revolutionary Guards Corps (IRGC) march during a military parade in the capital Tehran on September 22, 2018. (File photo AFP)

Iran’s Revolutionary Guard Corps (IRGC) warned anti-government protesters on Monday of “decisive” action if unrest over gasoline price hikes does not cease, state media said, hinting at a harsh security crackdown.

The protests have spread across the Islamic Republic since Friday, with demonstrators demanding that clerical leaders step down. At least 100 banks and dozens of buildings and cars have been torched, state media reported.

“If necessary we will take decisive and revolutionary action against any continued moves to disturb the people’s peace and security,” the Revolutionary Guards, Iran’s heavily armed main security force, said in a statement carried by state media.

The scale of the disturbances sparked by announcements of fuel rationing and price rises of at least 50 percent remains unclear as authorities have curbed Internet access to stop the use of social media to organize rallies and disseminate videos.

But it appears to be the worst unrest since late 2017 when more than 80 cities and towns saw protests by thousands of young and working-class Iranians fed up with alleged corruption, high unemployment and a widening gap between rich and poor.

The IRGC and their affiliated Basij militia quelled that bout of unrest, in which at least 22 people were killed.

Now anger has resurfaced over the impact of renewed US sanctions and the government’s failed promises of jobs and investment.

Some Iranians managed to post social media videos that showed police firing tear gas to disperse protesters. The images could not be verified by Reuters.

Authorities said several people, including members of the security forces and police, had been killed and around 1,000 “rioters” arrested, some for using guns and knives.

Fars news agency reported that one officer of the Revolutionary Guards and two members of the Basij militia were killed during protests in west Tehran.

Meanwhile, the Governor of Tehran said one member of the Revolutionary Guards was killed in protests in Malard in Tehran province, according to Al Arabiya.

Reports also said that members of the Iraqi Popular Mobilization Units (PMUs) forces took part along with members of the Basij militia in suppressing the demonstrations in Ahwaz province.

Eyewitnesses said that the IRGC used members of the PMUs for the first time on Monday in Ahwaz.

Human rights organizations on Monday put the death tolls so far in protests in Iran at 40.

The Iranian leadership is anxious to end the unrest to avoid giving ammunition to Western, especially US, criticism of the Islamic Republic elite as allegedly corrupt and unaccountable.

President Hassan Rouhani’s government said the gasoline price rises were intended to raise around $2.55 billion a year for extra subsidies to 18 million families - or roughly 60 million Iranians - struggling on low incomes.

Iran’s Supreme Leader Ali Khamenei on Sunday backed the gasoline price rise that has caused nationwide protests, which he blamed on the Islamic Republic’s opponents and foreign foes.

Foreign Minister Mohammad Javad Zarif rejected a statement of support for the protests by the administration of US President Donald Trump, which has dropped out of an international nuclear deal with Iran and reinstated economic sanctions.

“A regime that impedes food and medicine to ordinary people, including the elderly and the sick, by economic terrorism can never get away with the obscene claim of supporting the Iranian people,” said Zarif, according to state media.

Cash handouts to needy

Iran’s faction-ridden political elite has displayed a united front in the face of the disturbances.

Some officials and insiders said the establishment would eventually gain from the turmoil by securing support at parliamentary elections in February.

“Those 60 million people who will receive cash handouts as a result of this price hike will surely vote because the economy is a key issue for many Iranians,” a senior official told Reuters.

“The decision was made because among other reasons, there were concerns that the growing economic discontent, particularly among middle and lower classes, could lead to a low turnout.”

Handouts to the poor, the most consistent supporters of the clerical establishment, will start on Tuesday.

Supreme Leader Ali Khamenei on Sunday blamed the turmoil on Iran’s opponents and foreign foes, denouncing protesters who attacked public property as “thugs.”

For many Iranians, the challenge to make ends meet became even harder last year when Trump withdrew the United States from the nuclear deal with world powers and reimposed sanctions that had been lifted under the accord.

Frustration has grown over a sharp devaluation of Iran’s currency as well as spikes in the prices of bread, rice and other staples since Washington began to apply “maximum pressure” on Iran to make nuclear and security concessions.

Many in oil-producing Iran see cheap gasoline as a right and the price hike caused fears of a further squeeze on living costs.

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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.