Settlement deal closes USS Cole bombing case, says Sudan
April 6, 2020, 3:31 pm

Settlement deal closes USS Cole bombing case, says Sudan

This undated photo released on 27 October 2000 by the National Security News Service shows US sailors on deck and damage to the USS Cole after a terrorist attack on 12 October. (AFP)

Sudan’s justice ministry said Monday it has finalized a settlement with families of the victims of the USS Cole bombing, ending long-running litigation in US courts. says Sudan

Khartoum agreed in February to compensate the families of 17 American sailors who were killed in a suicide bombing targeting their navy destroyer in Yemen’s Aden harbor in 2000, an attack that was later claimed by al-Qaeda.

A US court held Sudan responsible for the attack and ordered compensation, finding that the bombers were trained in the country.

In March 2019, the US Supreme Court overturned the ruling on procedural grounds.

On Monday, Sudan’s justice ministry said it had submitted on Friday a petition alongside families who pursued the case with the relevant US court to end pending lawsuits against Sudan regarding the USS Cole.

“The settlement procedures have now been completed in such a way that would permanently scrap lawsuits,” the ministry said in a statement.

The ministry did not give further details on the deal or the amount of compensation.

Khartoum has always denied the charges but by agreeing to a settlement, Sudan has fulfilled a key condition set by the United States to remove it from Washington’s state sponsors of terrorism list.

Sudan has been on Washington’s blacklist since 1993 over its alleged support of radical groups, a designation that impeded foreign investment.

The country hosted al-Qaeda’s late leader Osama Bin Laden from 1992 until 1996. says Sudan

Since the ouster of Omar al-Bashir last April, Sudan has been in talks with the US over its removal from the blacklist in a bid to revive the country’s ailing economy.

Sudan’s justice ministry said the settlement “clearly states that Sudan was not responsible for the attack of the USS Cole... was only to serve Sudan’s strategic interest.” levant

source: AFP 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.