Suez Canal chief: Vessel Confiscated amid financial dispute
May 12, 2021, 11:17 am

Suez Canal chief: Vessel Confiscated amid financial dispute

CAIRO (AP) — Egyptian authorities Confiscated a massive cargo vessel that blocked the Suez Canal last month amid a financial dispute with its owner, the canal chief and a judicial official said Tuesday.

Lt. Gen. Osama Rabie said the hulking Ever Given would not be permitted to leave the country until a compensation is settled on with the vessel’s Japanese owner, Shoei Kisen Kaisha Ltd.

He told Egypt’s state-run television late on Monday “The vessel is now officially confiscated. They do not want to pay anything."

Rabie did not say how much money the canal authority was asking. However, a judicial official said it asked $900 million at least according to the Ahram daily.

That amount takes into account the salvage operation, costs of stalled canal traffic and lost transit fees for the week that the Ever Given blocked the canal.

The official said the order to confiscate the vessel was released on May 10 by a court in the Suez Canal city of Ismailia, and that the vessel’s crew has been informed on May 11.

He said prosecutors in Ismailia also opened a separate investigation into what led the Ever Given to run aground. The official talked on condition of anonymity because he was not authorized to brief media.

Rabie said negotiations were still ongoing to reach a settlement on compensation.

He warned last week in an interview with The Associated Press that bringing the case before a court would cause more harm to the vessel’s owner than settling with the canal’s management.

Litigation could be complex, since the vessel is owned by a Japanese firm, operated by a Taiwanese shipper, and flagged in Panama.

The Panama-flagged ship that carries some $3.5 billion in cargo between Asia and Europe ran aground on March 23 in the narrow, man-made canal dividing continental Africa from the Asian Sinai Peninsula.

The vessel had crashed into the bank of a single-lane stretch of the canal about 6 kilometers (3.7 miles) north of the southern entrance, near the city of Suez.

On March 29, salvage teams freed the Ever Given, ending a crisis that had blocked one of the world’s most vital waterways and halted billions of dollars a day in maritime commerce.

Rabie, the canal chief, said that there was no wrongdoing by the canal authority. He declined to discuss possible causes, including the ship’s velocity and the winds that battered it during a sandstorm.

When asked whether the ship’s owner was faulty, he said: “Absolutely, he was.”

Rabie said the conclusion of the authority investigation was expected on Thursday.

Source: apnews

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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.