Resignation and Escape of Bangladesh's Prime Minister After Protesters Storm the Palace
August 6, 2024, 1:11 am

Prime Minister of Bangladesh

Resignation and Escape of Bangladesh's Prime Minister After Protesters Storm the Palace

Bangladesh's Prime Minister, Sheikh Hasina, resigned and fled the country on Monday after protesters stormed her palace amidst a wave of violence, the worst the country has seen in over five decades.

According to Agence France-Presse (AFP), at least 56 people were killed during violent protests that erupted today.

Upon hearing news of Hasina's escape, jubilant protesters stormed the presidential palace, waving flags and dancing on tanks in the streets of Dhaka. Scenes of the crowds breaking through the gates of the Prime Minister's official residence were broadcast on "Bangladesh 24," showing them waving at the cameras during their celebrations.

A source close to Hasina, who is 76 years old, stated that she had fled to a "safer place," which was later revealed to be India, her biggest ally since her first election in 1996. Hasina has affirmed that India assisted Bangladesh during the War of Independence in 1971.

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In a televised speech, Bangladesh's army chief, Waqar Zaman, announced that he would "take full responsibility" following Sheikh Hasina's resignation and escape. He explained that a caretaker government would be formed, and he would meet with President Mohammad Shahabuddin to reach a solution by the end of the day.

Zaman also vowed to deliver justice for all citizens of Bangladesh, noting that he had already spoken to the country's opposition parties, although he had not yet held discussions with Hasina's party, the Awami League.

AFP reported that approximately 300 citizens have been killed so far, including 100 on Sunday alone, among them 13 police officers. Media outlets and protesters accuse the police of being largely responsible for the high death toll, while the government insists that police only opened fire in self-defense or to protect state property.

Earlier, the government had responded by imposing an unprecedented nationwide curfew and cutting off internet access in parts of the country, which has a population of 170 million people.

Hasina had ruled Bangladesh since 2009, winning her fourth consecutive election in January in an uncontested vote. Human rights groups have accused her government of abusing state institutions to consolidate power and eliminate opposition, including extrajudicial killings of opposition activists.

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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.