Vietnamese oil tanker seized by Iran is now free in open waters
November 10, 2021, 8:04 am

Vietnamese oil tanker seized by Iran is now free in open waters

Oil tanker-Oil industry/Pixabay

The Arab News reported according to Associated Press that a Vietnamese oil tanker earlier seized by Iran was free in open water Wednesday, ending the latest maritime confrontation involving Tehran amid stalled negotiations over its tattered nuclear deal with world powers.

The Sothys left a position off Iran’s Bandar Abbas port and had reached international waters in the nearby Gulf of Oman early Wednesday, data analyzed by The Associated Press from MarineTraffic.com showed. The vessel appeared anchored there, but there was no information about its crew.

Shahrokh Nazemi, a spokesperson for Iran’s mission to the United Nations, told the AP on Wednesday that “Sothys left Iranian waters last night after transferring the oil.”

Vietnamese officials could not be reached for comment, though its officials earlier acknowledged trying to obtain more information about the seizure from Iran.
The US Navy’s Mideast-based 5th Fleet did not immediately respond to a request for comment.

Iran’s powerful paramilitary Revolutionary Guard troops on Oct. 24 took control of the MV Sothys, a vessel that analysts suspect of trying to transfer sanctioned Iranian crude oil to Asia. US forces had monitored the seizure but ultimately didn’t take action as the vessel sailed into Iranian waters.

Iran later celebrated its capture of the vessel in dramatic footage aired on state television, the day before the 42nd anniversary of the 1979 seizure of the US Embassy in Tehran.

The Sothys had been on the radar of United Against a Nuclear Iran, a New York-based advocacy group long suspicious of the Islamic Republic. In a letter dated Oct. 11 addressed to the Vietnam Maritime Administration, the group said its analysis of satellite photos showed the Sothys received a ship-to-ship transfer of oil in June from an oil tanker called the Oman Pride.

The US Treasury identified the Oman Pride in August as being used to transport Iranian oil as part of a smuggling scheme to enrich the Guard’s expeditionary Quds Force. That Iranian oil ends up being sold into East Asia, the Treasury alleged, without identifying a specific country.

Iran’s seizure of the Sothys would be the latest in a string of hijackings and explosions to roil the Gulf of Oman, which sits near the Strait of Hormuz, the narrow mouth of the Arabian Gulf through which a fifth of all traded oil passes.

The US Navy blamed Iran for a series of limpet mine attacks on vessels that damaged tankers in 2019, as well as for a fatal drone attack on an Israeli-linked oil tanker that killed two European crew members earlier this year. Just a few months ago, Iranian hijackers stormed and briefly captured a Panama-flagged asphalt tanker off the United Arab Emirates.

Tehran denies carrying out the attacks, but a wider shadow war between Iran and the West has played out in the region’s volatile waters since then-President Donald Trump withdrew the US from Iran’s nuclear deal in 2018 and imposed crushing sanctions on the country.

Source: arabnews

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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.