Russian Court Sentences American Citizen to 15 Years in Prison
December 24, 2024, 12:24 pm

Russian Court Sentences American Citizen to 15 Years in Prison

أمريكا وروسيا

A Russian court issued a 15-year prison sentence on Tuesday for American citizen Gene Spector in a espionage case whose details remain unclear, according to Russian news agencies.

The ruling, reported by the RIA Novosti agency, stated that Spector will serve his sentence in a "strict regime penal facility." Additionally, the court imposed a fine of 14 million rubles, equivalent to approximately 134,000 euros.

So far, the trial has been conducted in closed sessions, with only limited details disclosed regarding the charges against Spector.

In the context of the Russian military operation in Ukraine that began in February 2022, many Westerners, particularly Americans, have been detained in Russia, often facing serious charges without clear evidence.

Gene Spector, who has Russian roots, had been sentenced in September 2022 to three and a half years in prison for corruption in a case involving former Russian Deputy Prime Minister Arkady Dvorkovich.

In 2023, Russian authorities announced that he was also accused of espionage, to which he pleaded guilty and entered into a cooperation agreement with investigators. Due to the case's confidentiality, no further information has been disclosed.

According to the TASS news agency, Spector was born and raised in Russia before settling in the United States and obtaining American citizenship. He served as the chairman of the board of the Russian company Medpolimerprom Group.

On August 1, Russia and Western countries executed the largest prisoner exchange since the end of the Cold War, which included American journalist Evan Gershkovich and former Marines among those exchanged after being released by Moscow.

Rumors suggest there may be another prisoner exchange between the West and Russia before or after Donald Trump's arrival in the White House in January.

In early November, a Moscow court upheld a 12-and-a-half-year prison sentence for American-Russian citizen Robert Woodland, who was detained in January in a drug-related case. Another American citizen, 72-year-old Stephen Hubbard, was sentenced to seven years for acting as a mercenary for Ukraine.

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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.