James Denselow

Another Ukraine landmark has been made infamous by the carnage of Russia’s invasion. The town of Bucha and its less than 40,000 residents could never have imagined that they would find themselves in the eye of this terrible storm. The 13th of September will mark Bucha Day later this year, but celebrations will be marked by only those who survived perhaps the most wanton acts of aggression of the conflict to date.

Strong language and accusations of war crimes and genocide have been used since the start of events over 40 days ago now. Yet the seeming inevitability of cities being left reeling from the shells of heavy artillery is a stark contrast to the civilians who’ve suffered and died in Bucha. Bodies left lying in the street, half naked civilians handcuffed and hidden in mass graves or hastily left on burning tyres, perhaps to hide the evidence of what happened to them.

Reports from those in the town who’ve survived spoke of different types of Russian troops adopting vastly different approaches to Ukrainian civilians. Some were polite, knocked on doors and shared rations. As the battle turned against the Russian force’s brutality was unleashed and random killings and systematic executions terrorised the population. Evidence as to what exactly happened is not of course fully known yet.

However, social media has put the story out into the open shortly after Ukrainian forces took back the town. Experts have ascertained that the invasion of Ukraine is not the first social media war, but it is the most viral. Some 75% of Ukrainians use the internet whereas when Russian bombers began pounding Syria only 30% of the population was online.

Media was able to access Bucha soon after its liberation and quickly verified parts of the story. Seeing the state of bodies for themselves and the state of decomposition enabled journalists to confirm almost immediately that they’d died during Russia’s occupation of the town, torpedoing the narrative coming out of Moscow that this was a staged event or that the civilians had been killed by Ukrainian forces.

US Secretary of State Antony Blinken said images of some 300 dead Ukrainian civilians found in the town of Bucha after Russian troops left were a "punch in the gut" and those responsible for any war crimes must be held accountable. French President Emmanuel Macron has expressed support for banning Russian oil and coal as part of a new round of sanctions against Russia, after reports emerged from Bucha. Britain’s Prime Minister Boris Johnson vowed not to rest ‘until justice is served’ as he condemned Russia’s ‘despicable attacks’ on Ukrainian civilians in Bucha.

Yet accountability for crimes in war are the exception, not the rule. Those that have managed to find resolution often do so well after the event itself. Don’t expect Russian soldiers who served in Bucha appearing in the Hague anytime soon. Whilst judicial accountability may be a distant prospect there can be little doubt that the scenes from Bucha will harden positions around countries who’ve supporting Ukraine with weapons and who are pursuing stringent sanctions against Russia.

President Zelensky was quick to visit the town amidst tight security. He condemned Putin’s forces for bringing ‘evil to our land’. The events in Bucha, whether they are defined as a massacre or a slow-motion slaughter, will likely solidify Ukrainian resistance to further Russian operations in the east and the south of the country. It could also see a more rapid movement of vulnerable civilians to the west as people avoid finding themselves under a Russian yolk that can have such terrible consequences.

As President Macron alluded to, Bucha may speed up the rush that European states are making to wean themselves off reliance on Russian gas. European civilians themselves may be more willing to put up with higher prices and even the rationing of energy in light of the Bucha images being shared far and wide. Indeed, the events in the small town of Bucha show how all parts of a vast military operation are open to scrutiny that is amplified by the tools of modern communications with huge reverberations in the politics of the conflict at large.

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.