North Korea’s acting envoy to Kuwait defects to South Korea: Report
January 25, 2021, 11:49 am

North Korea’s acting envoy to Kuwait defects to South Korea: Report

North Korean soldiers look toward the south side of Panmunjom in the Demilitarized Zone (DMZ) dividing the two Koreas on September 16, 2020. (AFP)

North Korea’s acting ambassador to Kuwait has defected to South Korea, the latest in a recent string of high-profile escapes from the isolated country, a South Korean lawmaker said on Monday.

Ryu Hyun Woo had led North Korea’s embassy in Kuwait since former Ambassador So Chang Sik was expelled after a 2017 UN resolution sought to scale back the country’s overseas diplomatic missions.

Ryu defected to South Korea last September, according to Tae Yong Ho, who was North Korea’s deputy ambassador to Britain before settling in the South in 2016 and being elected as a lawmaker last year.

This picture taken on January 10, 2021 released from North Korea's official Korean Central News Agency (KCNA) on January 11, 2021 shows North Korean leader Kim Jong Un. (AFP)

Tae said Ryu is also the son-in-law of Jon Il Chun, who once oversaw a Worker’s Party bureau responsible for managing the ruling Kim family’s secret coffers, dubbed Room 39.

The National Intelligence Service declined to comment.

Ryu’s defection could be a sign that the North Korean elite who shore up leader Kim Jong Un’s power base has been drifting away from him slowly but constantly, Tae said.

Ryu fled several months after Jo Song Gil, who was North Korea’s acting ambassador to Italy, vanished with his wife from the embassy and resurfaced in South Korea.

Tae told Reuters that the knowledge and experiences of the outside world gained as a diplomat had fostered disillusionment among his family, and he decided to escape to “give freedom” to his children, calling for other officials to follow suit.

“I want to deliver to my colleagues working around the world and North Korean elites that there is an alternative to North Korea, and the door is open,” Tae said in an interview at the recent Reuters Next conference.

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.