Biden administration expected to renounce sanctions on Bashar al-Assad
September 9, 2021, 1:52 pm

Bashar al-Assad

The Washington Free Beacon reported according to congressional sources that the Biden administration is expected to waive sanctions on Syrian strongman Bashar al-Assad to facilitate an energy deal with Hezbollah-controlled Lebanon.

According to the Washington Free Beacon, the administration wants to waive portions of the bipartisan Caesar Act, which applied wide-ranging sanctions on Assad for his war crimes in Syria, to facilitate an energy deal with Arab nations that would provide the Assad regime with a financial and political lifeline.

Congressional sources told the Washington Free Beacon that Brett McGurk, the White House coordinator for the Middle East and North Africa who was caught having an extramarital affair with a reporter in 2008 while serving as the Obama administration's ambassadorial nominee to Iraq, is pressing Egypt to sell gas to Lebanon via a pipeline that runs through Syria.

The Biden administration would have to waive key sanctions on Assad in order for the deal to go through.

The the Washington Free Beacon said that as Biden and Democrats in Congress signal a willingness to back sanctions relief, Republican foreign policy leaders say removing sanctions on Assad will embolden his Iranian backers as well as Hezbollah. Indeed, Hezbollah itself sees the deal as a victory in its fight against U.S. sanctions and efforts to expand the Islamic Republic's influence across the Middle East, saying it will loosen restrictions on all three countries involved: Syria, Iran, and Lebanon.

Joe Wilson, a House Foreign Affairs Committee member and chair of the Republican Study Committee's National Security and Foreign Affairs Task Force, told the Free Beacon: "Why in the world would the Biden administration lift sanctions on one of the most brutal human rights abusers in the world—the Assad regime?"

According to a congressional source, the deal will supply the Assad regime with much-needed hard cash.

The source said: "Assad is desperate for hard currency and that's what they are going to get from this via the transit fees."

The Washington Free Beacon mentioned, diplomats from Lebanon, Syria, and Jordan met on Wednesday to finalize a roadmap for the energy deal and have signaled the Biden administration is prepared to issue the necessary waiver.

Dorothy Shea, the U.S. ambassador to Lebanon said she has also been in contact with the White House and Treasury Department as part of efforts to waive sanctions.

"There is a will to make this happen," Shea said in an interview with Al Arabiya English last month. "There will be some logistical things that need to happen too, but I think that it will all fall into place fairly easily."

The Washington Free Beacon added that Sen. Chris Van Hollen (D., Md.), during a trip last week to Lebanon, signaled his party's willingness to back sanctions relief for Assad.

Van Hollen said of the energy deal: "The complication as you know is the transport via Syria."

He added, "We are looking for ways to address that despite the Caesar Act."

Shea and other Biden administration diplomats believe the energy deal will weaken Iran and Hezbollah because Lebanon would receive energy shipments through Syria instead of Tehran.

But top Hezbollah officials refute this argument. A senior Hezbollah official gloated about the deal after Shea claimed it would undermine the terror group's grip on Lebanon.

The Washington Free Beacon noted that the Biden administration began laying the groundwork for bypassing the Caesar Act in June when it removed sanctions on several businessmen tied to the Iran-Assad financial network.

Source: Washington Free Beacon

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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.