Turkey detains 10 retired admirals for letter on key waterways treaty
April 5, 2021, 9:51 am

Turkey detains 10 retired admirals for letter on key waterways treaty

A Turkish special forces police officer guards the entrance of the Presidential Palace in Ankara. (File photo: Reuters)

Turkey on Monday detained 10 retired admirals after a letter signed by more than 100 of them warned against a possible threat to a treaty governing the use of Turkey’s key waterways.

Turkey’s approval last month of plans to develop a shipping canal in Istanbul comparable to the Panama or Suez canals has opened up debate about the 1936 Montreux Convention.

In their letter, 104 retired admirals said it was “worrying” to open the Montreux treaty up to debate, calling it an agreement that “best protects Turkish interests”.

The Ankara chief public prosecutor’s office said arrest warrants were issued for the 10 and ordered four other suspects to report to Ankara police within three days, opting not to detain them because of their age.

They are accused of “using force and violence to get rid of the constitutional order”, NTV broadcaster reported.

The prosecutor launched a probe on Sunday into the retired admirals on suspicion of an “agreement to commit a crime against the state’s security and constitutional order”.

One of the 10 suspects detained was Cem Gurdeniz, described as the father of Turkey’s controversial new maritime doctrine known as “Blue Homeland”.

The doctrine has grown in prominence, especially during tensions last year between Greece and Turkey over Ankara’s gas exploration in the eastern Mediterranean.

It argues Turkey has rights to substantial maritime borders including the water surrounding some Greek islands, much to Athens’ chagrin.

The Bosphorus strait is pictured through the window of a passenger aircraft over Istanbul, Turkey April 24, 2018. Picture taken April 24, 2018. (Reuters)

Turkish officials have reacted angrily to the letter, claiming it appears to be a call for a coup.

“Stating one’s thoughts is one thing, preparing a declaration evoking a coup is another,” parliament speaker Mustafa Sentop said on Sunday.

Coups are a sensitive subject in Turkey since the military, which has long seen itself as the guarantor of the country’s secular constitution, staged three coups between 1960 and 1980.

There was also an attempted overthrow of President Recep Tayyip Erdogan in 2016, blamed on followers of US-based Muslim preacher Fethullah Gulen in the military.

The Montreux Convention ensures the free passage through the Bosphorus and Dardanelles straits of civilian vessels in times of both peace and war.

It also regulates the use of the straits by military vessels from non-Black Sea states.

source: AFP

Image source: Reuters

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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.