Myanmar military extends emergency state until elections are held in about two years
August 2, 2021, 8:41 am

Myanmar military extends emergency state until elections are held in about two years

Commander in chief of Maynmar's armed forces

According to the AP, six months after seizing power from the elected government, Myanmar’s military leader on Sunday declared himself prime minister and said he would lead the country under the extended state of emergency until elections are held in about two years.

“We must create conditions to hold a free and fair multiparty general election,” Senior Gen. Min Aung Hlaing said during a recorded televised address. “We have to make preparations. I pledge to hold the multiparty general election without fail.”

He said the state of emergency will achieve its objectives by August 2023. In a separate announcement, the military government named itself “the caretaker government” and Min Aung Hlaing the prime minister.

The state of emergency was declared when troops moved against the elected government of Aung San Suu Kyi on Feb. 1, an action the generals said was permitted under the military-authored 2008 constitution. The military claimed her landslide victory in last year’s national elections was achieved through massive voter fraud but offered no credible evidence.

Myanmar military

The military government officially annulled the election results last Tuesday and appointed a new election commission to take charge of the polls.

The military takeover was met with massive public protests that has resulted in a lethal crackdown by security forces who routinely fire live ammunition into crowds.

As of Sunday, 939 people have been killed by the authorities since Feb. 1, according to a tally kept by the independent Assistance Association for Political Prisoners. Casualties are also rising among the military and police as armed resistance grows in both urban and rural areas.

Moves by The Association of Southeast Asian Nations to broker a dialogue between the military government and its opponents have stalled after an agreement at an April summit in Jakarta to appoint a special envoy for Myanmar.

Min Aung Hlaing said that among the three nominees, Thailand’s former Deputy Foreign Minister Virasakdi Futrakul was selected as the envoy. “But for various reasons, new proposals were released and we could not keep moving onwards. I would like to say that Myanmar is ready to work on ASEAN cooperation within the ASEAN framework, including the dialogue with the ASEAN special envoy in Myanmar,” he said.

ASEAN foreign ministers were expected to discuss Myanmar in virtual meetings this week hosted by Brunei, the current chair of the 10-nation bloc.

Myanmar is also struggling with its worst COVID-19 outbreak that has overwhelmed its already crippled health care system. Limitations on oxygen sales have led to widespread allegations that the military is directing supplies to government supporters and military-run hospitals.

At the same time, medical workers have been targeted by authorities after spearheading a civil disobedience movement that urged professionals and civil servants not to cooperate with the government.

Min Aung Hlaing blamed the public’s mistrust in the military’s efforts to control the outbreak on “fake news and misinformation via social networks,” and accused those behind it of using COVID-19 “as a tool of bioterrorism.”

Source: AP
Image source: AP

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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.