Iran, Panama-flagged tankers escorted to dock by Indonesia for probe
January 26, 2021, 11:17 am

Iran, Panama-flagged tankers escorted to dock by Indonesia for probe

Panamanian-flagged MT Freya and the Iranian-flagged MT Horse vessels are seen anchored in the waters off Pontianak, West Kalimantan province, Indonesia, on January 24, 2021. (Reuters)

The Iranian and Panamanian-flagged vessels seized by Indonesian authorities for suspected illegal oil transfers are making their way to dock at

Batam island in the country’s Riau Islands Province for further investigation, an Indonesia coast guard spokesman told Reuters.

The two supertankers, with crew members from Iran and China, were seized on Sunday in Indonesian waters near Kalimantan island. The MT Horse, owned by the National Iranian Tanker Company and MT Freya, managed by Shanghai Future Ship Management Co, had a total of 61 crew members onboard.

“The ships will arrive in Batam at around 3pm (0600GMT) to 4pm later today,” Wisnu Pramandita, spokesman of the Indonesian coast guard, told Reuters.

Wisnu said some of the crew remained in the supertankers, but others were being detained on coast guard ships for questioning while the investigation was under way.

Wisnu told Reuters on Monday that the ships were “caught red-handed” transferring oil from MT Horse to MT Freya and that there was an oil spill around the receiving tanker.

Iran said on Monday that MT Horse was seized over a “technical issue” and had asked Indonesia to explain the seizure.

“The ministry of foreign affairs has coordinated with the coast guard and obtained information that two motor tanker ships ... are suspected of violating the law,” Indonesian foreign ministry spokesman Teuku Faizasyah said.

“Currently, further investigations are being carried out in order to obtain a more complete picture of the violations committed.”

The tankers were first detected at 2130 GMT on January 23. Indonesia authorities said the two vessels concealed their identity by not showing their national flags, turning off automatic identification systems and failed to respond to a radio call.

Wisnu said that the ships were caught during a regular patrol.

The International Maritime Organization requires vessels to use transponders for safety and transparency. Crews can turn off the devices if there is a danger of piracy or similar hazards. But transponders are often shut down to conceal a ship’s location during illicit activities.

Iran has been accused of concealing the destination of its oil sales by disabling tracking systems on its tankers, making it difficult to assess how much crude Tehran exports as it seeks to counter US sanctions. Wisnu said on Tuesday the seizure of the ships had “nothing” to do with the US sanctions, when asked by Reuters.

Iran sent the MT Horse vessel to Venezuela last year to deliver 2.1 million barrels of Iranian condensate.

source: Reuters

Image source: Reuters

Levant

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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.