Romania’s Iohannis wins second presidential term with rule of law pledge
November 25, 2019, 10:44 am

Romania’s Iohannis wins second presidential term with rule of law pledge

Incumbent candidate Klaus Iohannis reacts after receiving the first exit poll results following the second round of a presidential election in Bucharest, Romania, November 24, 2019. (Reuters)

Romania’s centrist President Klaus Iohannis won a presidential election runoff on Sunday as expected, crushing his socialist challenger with a pledge to resume judicial reforms slowed down by successive Social Democrat (PSD) governments.

Two separate exit polls showed Iohannis garnered 64 percent-67 percent of the vote, with former prime minister Viorica Dancila of the left-leaning PSD taking 33-36 percent.

“The winner today is modern Romania, European Romania, normal Romania,” Iohannis told reporters in his victory speech.

Under a succession of PSD governments, Romania, a European Union member state, has rolled back anti-corruption measures in recent years. Along with ex-communist peers Poland and Hungary, it has been heavily criticized by Brussels for its actions.

However, 60-year-old Iohannis has been credited by Western allies and the European Union with trying to protect the rule of law, in particular by challenging attempts to limit judges’ independence.

The president’s powers are mostly limited to nominating a prime minister based on who can command a majority, challenging laws in the Constitutional Court, and appointing some chief prosecutors.

Iohannis is expected to install anti-graft and anti-mafia prosecutors who are serious about tackling endemic corruption with the backing of Prime Minister Ludovic Orban, who became head of a liberal minority government by winning a parliamentary vote of confidence three weeks ago.

Teacher Andreea Mihai, 50, said “things should slowly return to normality. Both Orban and Iohannis will work together in the same direction.”

Dancila’s PSD had increased the burden of proof in corruption cases, reorganized panels of judges and set up a special unit to investigate magistrates for potential abuses, a move widely seen as an instrument of political coercion.

Romania’s judicial reforms have been monitored by Brussels since it joined the EU in 2007; in October, Brussels said the reforms were going backward.

Iohannis, a soft-spoken ethnic German and former mayor of Sibiu, became president in 2014.

He helped to secure popular approval in a referendum last May that called for the government to be banned from altering legislation by emergency decrees and advocated a ban on amnesties and pardons for graft-related crimes.

Data from Romania’s election commission, which is expected to announce partial official results on Monday, showed a turnout of about 50 percent, with a record 920,000 voters from the country’s diaspora taking part.

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.