Desperate hunt for missing Indonesian submarine as oxygen set to run out
April 23, 2021, 9:30 am

Desperate hunt for missing Indonesian submarine as oxygen set to run out

Indonesia lost contact with the 1,395-tonne KRI Nanggala-402 submarine, consisting of 53 crew members. (Twitter)

Rescue aircraft and ships scoured the sea north of Bali on Friday as the hunt for a missing Indonesian submarine with 53 crew on board reached a critical phase due to limited supplies of oxygen aboard the 44-year-old vessel.

More navy ships left the Indonesian base of Banyuwangi early on Friday to head to the Bali Sea where contact was lost with the KRI Nanggala-402 on Wednesday during a torpedo drill.

“The main priority is the safety of the 53 crew members,” President Joko Widodo said late on Thursday, calling for an all-out effort to find the vessel.

Helicopters also flew from Bali at first light.

Officials have said the air supply of the submarine, which had been cleared for use and was said to be in good condition, would last only until Saturday.

“Hopefully before they can be found, the oxygen will be enough,” Yudo Margono, the navy chief of staff, told a news conference.

The commander of the Indonesian submarine fleet, Harry Setiawan, was one of four people aboard who were not regular crew members, a military official said.

While nothing conclusive had been found in the search so far, Yudo said an item with “high magnetic force” at a depth of 50-100 meters (164-328 ft) had been spotted. It was unclear if the object was suspended or on the sea floor.

The diesel-electric powered submarine could withstand a depth of up to 500 meters but anything more could be fatal, a navy spokesman said. The Bali Sea can reach depths of more than 1,500 meters.

An aerial search also spotted an oil spill near the submarine’s dive location, which the navy said could indicate damage to the vessel or could be a signal from the crew.

The 1,395-ton vessel was built in Germany in 1977 and joined the Indonesian fleet in 1981, according to the defense ministry. It underwent a two-year refit in South Korea that was completed in 2012.

The navy has said a blackout may have occurred during static diving, causing a loss of control and preventing emergency procedures from being carried out.

Members of the Indonesia Rescue Agency prepare to take part in the search operation for an Indonesian Navy submarine that went missing during military exercises off the coast of Bali, at Celukan Bawang port in Buleleng province on April 22, 2021. (File photo: AFP)

A number of countries have responded to Indonesia’s requests for assistance, with Australia, Malaysia, India, Singapore and the US sending specialized ships or aircraft.

The US defense Department is sending “airborne assets” to assist in the submarine search, Pentagon spokesman John Kirby said on Twitter.

US defense Secretary Lloyd Austin is scheduled to speak with Indonesian defense Minister Prabowo Subianto on Friday “to convey our sorrow and to discuss how else the US can be of assistance,” Kirby said.

Meanwhile, two Australian ships were heading for the search area including a support ship and a frigate with sonar capabilities, the defense department said in a statement.

Indonesia has been seeking to modernize its defense capabilities but some of its equipment is old and there have been fatal accidents in recent years.

Indonesia in the past operated a fleet of 12 submarines bought from the Soviet Union to patrol the waters of the sprawling archipelago.

It now operates five - the two German-built Type 209 submarines and three newer South Korean vessels.

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.