IAEA Iran resolution push by Europeans despite warnings by Russia, Tehran
March 1, 2021, 10:43 am

IAEA Iran resolution push by Europeans despite warnings by Russia, Tehran

Iran’s Foreign Minister Mohammad Javad Zarif (L) meets with the director general of the International Atomic Energy Agency (IAEA), Rafael Grossi, (R)in Tehran on February 21, 2021. (File photo: AFP)

Britain, France and Germany are pressing ahead with a US-backed plan for a resolution by the UN nuclear watchdog's board criticizing Iran for curbing cooperation with the agency, despite Russian and Iranian warnings of serious consequences.

The International Atomic Energy Agency's 35-nation Board of Governors is holding a quarterly meeting this week against the backdrop of faltering efforts to revive Iran's nuclear deal with major powers now that US President Joe Biden is in office.

Iran has recently accelerated its violations of the 2015 deal in an apparent bid to raise pressure on Biden, as each side insists the other must move first. Tehran's breaches are a response to the US withdrawal from the deal in 2018 and the reimposition of US sanctions that had been lifted under it.

The latest breach was to scale back cooperation with the IAEA last week, ending extra inspection and monitoring measures introduced under the deal, including the power given to the IAEA to carry out snap inspections at facilities that have not been declared to be related to nuclear energy.

The three European powers, all parties to the 2015 deal, circulated a draft resolution for the Vienna meeting voicing "serious concern" at Iran's reduction of transparency and urging Iran to reverse its steps.

The draft, sent to IAEA board members and obtained by Reuters, also voices disquiet at the "lack of progress" in obtaining explanations from Iran about uranium particles found at three old sites, including two that the IAEA first reported on last week.

Iran has bristled at the prospect of such criticism, threatening to cancel a deal struck a week ago with the IAEA to temporarily continue many of the monitoring measures it had decided to end - a black-box-type arrangement valid for up to three months and aimed at creating a window for diplomacy.

Diplomacy, however, does not appear to be moving quickly if at all. Iran said on Sunday it would not take up a proposal by European Union foreign policy chief Josep Borrell to hold an informal meeting with other parties to the nuclear pact and the United States.

It is unclear how many countries would support a resolution. In its own position paper obtained by Reuters before Iran's announcement, Russia warned that a resolution could hurt efforts to revive the deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), and that it would oppose it.

"Adoption of the resolution will not help the political process of returning to the normal comprehensive implementation of the JCPOA," Russia's note to other member states said. "On the contrary it will hugely complicate those efforts undermining the prospects for the restoration of the JCPOA and for normal cooperation between Iran and the Agency."

source: Reuters

Image source: AFP

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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.