Armenia’s political tensions still high after PM accuses military of attempted coup
February 27, 2021, 11:05 am

Armenia’s political tensions still high after PM accuses military of attempted coup

Armenian PM Nikol Pashinyan greets his supporters in Republic Square in Yerevan, Feb. 25, 2021. (Reuters)

Political tensions in Armenia remained high Friday, a day after the prime minister accused top military officers who demanded his resignation of an attempted coup.

Nikol Pashinyan has faced opposition calls to step down over a Nov. 10 peace deal t

Earlier this week, Pashinyan dismissed the first deputy chief of the military’s General Staff that includes the armed forces’ top officers. In response, the General Staff called Thursday for Pashinyan’s resignation, but he doubled down and ordered that the chief of the General Staff be dismissed.

Pashinyan’s spat with the top military officers encouraged the opposition supporters. Over 20,000 rallied in the Armenian capital, demanding the prime minister’s resignation, while Pashinyan led his own supporters at a rival rally.

Some opposition demonstrators put up tents outside the government headquarters and barricaded the main avenue to press their demand for Pashinyan’s resignation.

The top military officers didn’t make any further moves Friday in the wake of their demand for Pashinyan to step down.

Pashinyan’s order on Thursday to dismiss the chief of the General Staff, Col.-Gen. Onik Gasparyan, is subject to approval by the nation’s largely ceremonial president, Armen Sarkissian, who has three days to decide.

Sarkissian, who has had previous frictions with Pashinyan and earlier called on him to step down, met Friday with the General Staff chief and opposition leaders but didn’t make any public statements.

Speaking at Friday’s rally, opposition leader Vazgen Manukyan said that “the next few days will be decisive for our struggle.” He added that if Pashinyan succeeds in forcing the General Staff chief out, “the army will rise.”

The crisis has its roots in Armenia’s humiliating defeat in heavy fighting with Azerbaijan over Nagorno-Karabakh that erupted in late September and lasted 44 days. A Russia-brokered agreement ended the conflict in which the Azerbaijani army routed Armenian forces — after more than 6,000 people died on both sides.

Pashinyan has defended the peace deal as a painful but necessary move to prevent Azerbaijan from overrunning the entire Nagorno-Karabakh region, which lies within Azerbaijan but was under the control of ethnic Armenian forces backed by Armenia since a separatist war there ended in 1994.

The political crisis in Armenia is being watched closely, particularly in Russia and Turkey, which are competing for influence in the South Caucasus region.

The United States and the European Union have urged all parties in Armenia to exercise calm and to de-escalate tensions.

hat ended six weeks of fierce fighting with Azerbaijan over the Nagorno-Karabakh region. The peace agreement saw Azerbaijan reclaim control over large parts of Nagorno-Karabakh and surrounding areas that had been held by Armenian forces for more than a quarter-century.

source: The Associated Press

Image 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.