Latest news with #BD40
Gulf Insider
6 days ago
- Gulf Insider
Bahrain: BD80,000 Drug Money Laundering Trial Resumes For Three Suspects
A Bahraini man and two others, among them an American diver already serving life behind bars for drug offences, are facing trial over laundering nearly BD80,000 linked to narcotics. The High Criminal Court adjourned the case to 11 August to appoint legal counsel for the first defendant. The second defendant is to be brought from detention, while the third is to be served with a fresh summons. The two currently in custody will remain held. Dead-drop postal exchanges The American was previously convicted for growing and selling drugs through dead-drop postal exchanges. Investigators looking into that earlier case found that he had worked with the other two accused to move the money gained from drug sales through financial channels to cover its origin. According to the Financial Intelligence Directorate, the funds were sent abroad and used to buy items in a way designed to muddy their source. Money The Public Prosecution stated that all three were aware the money came from drug trafficking. Prosecutors allege the first defendant handled BD38,000 through transfers and deposits at currency exchanges. The other two are accused of laundering over BD40,000 by funnelling it through foreign financial firms.
Zawya
14-04-2025
- Business
- Zawya
MPs in Bahrain propose to raise pensions by 3%
Bahrain - The elderly could receive a three per cent increase in their pensions for five continuous years if surpluses are recorded in funds, following a parliamentary move. A proposal to amend the 2020 Pension Law has been submitted yesterday by five MPs led by Parliament's services committee chairwoman Jalila Al Sayed. At the moment, the legislation stipulates if proper surpluses are available in pension funds, 3pc pay rises could be given. According to Ms Al Sayed, it doesn't state what constitutes as proper surpluses or the period the pay rises would be given for. Pension increases have been suspended since 2022. However, they have been replaced by a flat BD40 monthly pension support allowance in the 2023-2024 national state budget. It has been increased by a flat BD20 monthly in the 2025-2026 national state budget. 'The allowance doesn't replace the 3pc pay rise entitlement, which should continue being given whenever there are proper surpluses,' said Ms Al Sayed. 'We don't know what proper surpluses mean, how it gets calculated and actually we don't know if there are surpluses in pension funds covering government, private and security personnel sectors. 'For that reason we are proposing an amendment that states disclosing financial statements with a note on surpluses and, if recorded, then 3pc pay rises should be given for five continuous years.' The proposed amendment has been referred by Parliament Speaker Ahmed Al Musallam to Ms Al Sayed's committee for immediate review. mohammed@
Daily Tribune
14-03-2025
- Business
- Daily Tribune
Court orders BD40,500 paid over bounced cheque in property transaction
TDT | Manama A Bahraini man believed he had arranged a successful sale when his property fetched BD50,000, but the deal fell apart upon discovering that BD40,500 of the proceeds were covered by a cheque that later bounced. Court papers indicate he relied on a contracting company and its intermediary to manage the transaction. He received part of the funds, then waited for the remainder. The intermediary claimed to be investing the outstanding portion with a property firm, but the money never materialised. Attempts After several attempts to recover it, the seller was given a cheque, which the bank ultimately refused. According to his lawyer, Kaltham Al Koheji, the man had entrusted the broker with overseeing the entire process. When the time came for payment, most of the funds were missing, and the broker produced a cheque that lacked sufficient funds. Tensions During the civil hearing, the defendant asserted that the cheque was never intended to be cashed, describing it as a measure to ease household tensions. However, the court noted that the broker had already been criminally convicted of issuing a cheque with insufficient funds. WhatsApp messages between the parties indicated they had discussed settling the shortfall in monthly instalments, suggesting the cheque was intended as genuine payment. Evidence After reviewing the evidence, the High Civil Court concluded that the cheque served a legitimate purpose — to cover the missing portion of the property sale — and that the issuer had acknowledged his debt on multiple occasions. The court ordered both the broker and the contracting company, held liable on agency grounds, to pay BD40,500 plus four per cent annual interest from the date it became due until it is fully paid.
Gulf Insider
13-03-2025
- Business
- Gulf Insider
Bahrain: Court Orders BD40,500 Paid Over Bounced Cheque in Property Transaction
A Bahraini man believed he had arranged a successful sale when his property fetched BD50,000, but the deal fell apart upon discovering that BD40,500 of the proceeds were covered by a cheque that later bounced. Court papers indicate he relied on a contracting company and its intermediary to manage the transaction. He received part of the funds, then waited for the remainder. The intermediary claimed to be investing the outstanding portion with a property firm, but the money never materialised. Attempts After several attempts to recover it, the seller was given a cheque, which the bank ultimately refused. According to his lawyer, Kaltham Al Koheji, the man had entrusted the broker with overseeing the entire process. When the time came for payment, most of the funds were missing, and the broker produced a cheque that lacked sufficient funds. Tensions During the civil hearing, the defendant asserted that the cheque was never intended to be cashed, describing it as a measure to ease household tensions. However, the court noted that the broker had already been criminally convicted of issuing a cheque with insufficient funds. WhatsApp messages between the parties indicated they had discussed settling the shortfall in monthly instalments, suggesting the cheque was intended as genuine payment. Evidence After reviewing the evidence, the High Civil Court concluded that the cheque served a legitimate purpose — to cover the missing portion of the property sale — and that the issuer had acknowledged his debt on multiple occasions. The court ordered both the broker and the contracting company, held liable on agency grounds, to pay BD40,500 plus four per cent annual interest from the date it became due until it is fully paid.
Gulf Weekly
06-03-2025
- Entertainment
- Gulf Weekly
Global flavours, good cheer
STEP into the enchanting ambience of the Ritz-Carlton, Bahrain's Masaya Pavilion this Ramadan. It features freshly prepared iftar and ghabga delicacies and a great selection of international live stations, including pistachio kunafeh crepe station, pistachio chocolate fountain and traditional Gulf ouzi. A mix of global flavours, from local classics to international favourites, also promises to delight your senses. Iftar is available from sunset to 8pm at BD40 and ghabga from 9pm to 2am at BD45. Children aged six to 12 enjoy a 50 per cent discount while those under five dine for free. A special rate is available for groups of 30 and above.
