Electoral Commission launches inquiry into Boris Johnson flat refurb
April 28, 2021, 10:10 am

Electoral Commission launches inquiry into Boris Johnson flat refurb

The investigation will determine whether any transactions relating to the works at 11 Downing Street (above, left) ‘fall within the regime regulated by the Commission and whether such funding was reported as required’.

Watchdog say there are ‘reasonable grounds to suspect that an offence or offences may have occurred’

A formal investigation into how Boris Johnson funded refurbishments to his Downing Street flat has been launched by the Electoral Commission, which said there were “reasonable grounds” to suspect multiple offences may have been committed.

After reports the prime minister was given a £58,000 loan from a Conservative donor and peer to help foot the bill for redecorations to the No 11 residence, which ministers and the Tory party have not denied, the watchdog escalated its involvement – an hour before prime minister’s questions on Wednesday.

It has also emerged that a new adviser on ministerial standards has been picked, after the role remained unfilled for months following the departure of Sir Alex Allan, who quit after Johnson overruled his finding that the home secretary, Priti Patel, had breached the ministerial code by bullying staff.

Allan’s replacement has been announced as Christopher Geidt, a private secretary to the Queen for a decade until 2017. Negotiations over Lord Geidt’s role have been going on for some weeks. He will be tasked with an immediate inquiry into the flat refurbishment payments.

Johnson had denied any wrongdoing, and the government insisted he met all costs of the makeover “personally”, repeatedly insisting no party funds were used.

Pressure grew on the prime minister overnight to come clean about the funding. A cabinet minister urged him to “start with the truth” and a Tory MP admitted: “There’s a reasonable set of questions that need to be answered – our position at the moment isn’t ideal.”

Following a week of discussions between the Electoral Commission and Conservative headquarters, the watchdog said it would look at “whether any transactions relating to the works at 11 Downing Street fall” could have fallen foul of legal donation reporting requirements.

It added: “There are reasonable grounds to suspect that an offence or offences may have occurred.” The commission has the power to issue “disclosure notices” requiring people and organisations to provide documents and information.

The scandal escalated over the weekend, when Johnson’s former top adviser and ally Dominic Cummings posted a blogpost in which he claimed the prime minister revealed his “plans to have donors secretly pay for the renovation”.

Cummings said he warned Johnson at the time they were “unethical, foolish, possibly illegal and almost certainly broke the rules on proper disclosure of political donations”.

Labour’s lawyers had upped pressure on the Electoral Commission to act several days’ later, writing to it to call for an investigation into “potential offences or other actions that may have contravened” the legislation governing political parties’ spending.

source: Aubrey Allegretti

Levant

China waging economic warfare against tech sector, Taiwan says Boris Johnson must ‘come clean’ about flat refurb, says Labour

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.