James Denselow

In many countries across the world a political leader is seemingly permanent and forever, capable of maintaining power despite hell or highwater. In Syria, for example, there is no prospect of Bashar al-Assad being deposed after over two decades in power regardless of the vast consequences of the conflict he has presided over for the Syrian population. Meanwhile in Cameron Paul Biya has been serving as president for 41 years.

Back in the UK, however, the politics of Covid are threatening the tenure of both the Prime Minister, Boris Johnson, and the Leader of the Opposition, Sir Kier Starmer. If you were to dramatically oversimplify events, you could say that whilst some world leaders and senior political figures cling to power no matter what; that in the UK the Prime Minister may lose his job because of a party and his chief opponent may lose his because of a takeaway.

What madness is this? It could be asked, but the roots of both issues are far more fundamental and far reaching. Do those who make our laws have a special responsibility to observe them themselves? And does the sacrifice made by those during the exceptional period of Covid restrictions make actions from the countries political leaders stand out more as scandals?

There has arguably never been as many restrictions placed on the lives of Britons than during the height of the pandemic in the country’s history. Forcing people to stay at home, denying them the ability to perform the functions of normal life without huge restriction and being willing to issue fines and punishments for those who broke the rules. Meanwhile an estimated 175,000 Brits have died of the disease, although the countries rapid development and rollout of vaccines allowed it to exit restrictions earlier than most.

The scandals that have engulfed both the Prime Minister’s office and now the Opposition’s have the ability to remove both men from their positions. Sir Kier Starmer, the Labour opposition leader, gave a statement this week to the effect that he would resign if found in breach of the rules by the police and issued a ‘fixed penalty notice’. The Prime Minister has already been issued one of these notices for a birthday party event at Number 10 but has not quit. Johnson put out a statement that “I have paid the fine and I once again offer a full apology”.

Boris Johnson is the first sitting British Prime Minister to have been found to have broken the law. However, the investigations to parties and other lockdown breaking events at the heart of Government has not finished and there is the very real prospect of more fines for the Prime Minister to come. Over fifty such fines have been handed out to individuals at Number 10 so far and a senior civil servant, Sue Gray, is promising to publish a wider report into events once the police investigations have come to an end.

This drip drip of scandal has dominated British politics for months now, with the war in Ukraine one of the few events large enough to displace it and allow Johnson’s supporters to argue that the country needs to move on and focus on “issues of great importance to the nation”, as one Cabinet member put it. The Conservative Party’s system of replacing its leader requires 15% of its MPs to write to an influential party committee declaring no confidence in them. 54 MPs would be required to trigger this process for Mr Johnson but that has not happened yet despite the Party getting battered in the local elections at the start of May. One reason, many speculate, that sufficient letters have not gone in is that the party lacks an obvious replacement as Prime Minister as well as Johnson’s previous record in successful electioneering and winning despite the odds.

Nevertheless, if Sir Kier is not given a fixed penalty notice, then the opposition will continue to push on the issue every time new evidence of wrongdoing emerges from Number 10. If Sir Kier is given a fine and resigns, then the contrast in leadership could place Mr Johnson in an even worse position that a new and untainted leader of the Labour party would look to exploit further. Again, all of this scandal is happening not just against the backdrop of the carnage in Ukraine, but also the country’s worst cost of living crisis in a generation. Britain’s strange Covid politics looks like it has many twists and turns coming up.

BY: James Denselow

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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.