Israel’s Netanyahu faces calls to quit but is defiant in crisis
November 23, 2019, 11:46 am

Israel’s Netanyahu faces calls to quit but is defiant in crisis

Israeli Prime Minister Benjamin Netanyahu arrives to deliver a statement during a news conference in Jerusalem, on September 18, 2019. (Reuters)

Israeli Prime Minister Benjamin Netanyahu faced calls to resign over a corruption scandal on Friday, as senior government colleagues publicly declared support after some signs of cracks in party loyalty.

Netanyahu said he would not step down after he was indicted on charges of bribery, fraud, and breach of trust by Israel’s attorney-general on Thursday night.

The 70-year-old conservative Likud party leader denies all wrongdoing and denounced the indictment - the first against a sitting Israeli prime minister - as an “attempted coup”.

But his ability to lead a country mired in political crisis, after two inconclusive elections this year that failed to produce a government, is being questioned.

The centrist Blue and White Party headed by Netanyahu’s main rival, Benny Gantz, issued a statement calling on him to “immediately resign from all ministerial positions in the government”.

The party - which has 33 of parliament’s 120 seats to Likud’s 32 - said its lawyers had formally approached the prime minister and attorney general’s offices saying it was “imperative” that Netanyahu step down.

A poll aired by Israel’s Channel 13 TV found that 56 percent of Israelis believe Netanyahu cannot continue to govern after being indicted. A total of 35 percent said he can and 9 percent were undecided.

Under Israeli law, he is under no obligation to step down as prime minister. But with Israel heading towards a likely third election in less than a year, Netanyahu could soon find himself in the difficult position of trying to win an election while preparing to be prosecuted.

The support of his Likud party colleagues is likely to be crucial to Netanyahu’s chances of staying in power.

Ruling party creaks

Two Likud lawmakers publicly broached holding a party leadership contest on Thursday, but even such mild expressions of disloyalty upset loyalists.

Senior ministers issued public statements declaring their support, and Justice Minister Amir Ohana said he was proud of his fellow Likud parliamentarians for standing by Netanyahu, adding pointedly: “Except for two of them.”

Netanyahu’s ultra-nationalist coalition partner Bezalel Smotrich, the transport minister, also offered sympathy for Netanyahu over the charges against him, announced by Attorney-General Avichai Mandelblit on Thursday.

Smotrich said in a tweet that planned street protests in support of the prime minister were aimed at preventing “a predatory, violent and dangerous judicial dictatorship”.

After a nationally televised address on Thursday night, Netanyahu himself kept a low profile on Friday, posting a tweet with heart and an Israeli flag emojis saying: “Thank you for your support and love. Shabbat Shalom.” He later issued a video message undertaking to accept the court ruling in his case.

But Israel’s election schedule could work against Netanyahu, Israel’s longest-serving prime minister after 10 successive years in power plus three years in office in the 1990s.

President Reuven Rivlin on Thursday set a three-week deadline for lawmakers to nominate a new candidate from their ranks to try to form a new government after Netanyahu and Gantz both failed to do after April and September elections.

If that also fails to produce a government, an election will be triggered in three months.

A source close to Rivlin said he expected appeals to disqualify Netanyahu as a candidate because of the indictment. If the president does so, Netanyahu could be ejected by Likud.

“Netanyahu’s great fear is that, amid the extraordinary constitutional crisis that has been created, and amid the political and legal synchronization, he will emerge as the only member of parliament who cannot do this (form a government),” wrote Tal Shalev, a political commentator for Israel’s Walla news site.

Two of the three legal cases against Netanyahu involve accusations that he offered media bosses inducements in return for more favorable coverage of his policies and personal conduct. He has dismissed the accusations.

source: Reuters

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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.