Latest news with #BD8
Gulf Insider
04-05-2025
- Business
- Gulf Insider
Bahrain: Firm Ordered to Return BD8,450 in Loan Dispute
A Bahraini firm has been told to repay BD8,450 after the High Civil Court found it had accepted money for an investment deal that strayed beyond the business it was licensed to carry out. The case was brought by a claimant who had transferred the sum in October 2023. He was represented in court by lawyer Jassim Al Essa. The money was handed over through BenefitPay, under a resale agreement in which the firm was to use the amount to buy goods and then sell them back at a higher price. Difference Profit was expected to come from the difference. Monthly returns were supposed to start the following month. The court, sitting on 30 April 2025, ruled that this was in fact a loan dressed up as an investment. While the agreement had promised returns amounting to BD5,492.500, the court refused to enforce that part of the claim. Interest on civil loans is banned under Article 228 of the Civil Code. Scope The firm in question was found to be operating outside its permitted scope. Its commercial registration only allowed it to trade in antiques, handicrafts, coins, stamps and equestrian goods. Nothing on record showed that it was allowed to run investment schemes of any kind.
Daily Tribune
04-05-2025
- Business
- Daily Tribune
Firm ordered to return BD8,450 in loan dispute
A Bahraini firm has been told to repay BD8,450 after the High Civil Court found it had accepted money for an investment deal that strayed beyond the business it was licensed to carry out. The case was brought by a claimant who had transferred the sum in October 2023. He was represented in court by lawyer Jassim Al Essa. The money was handed over through BenefitPay, under a resale agreement in which the firm was to use the amount to buy goods and then sell them back at a higher price. Difference Profit was expected to come from the difference. Monthly returns were supposed to start the following month. The court, sitting on 30 April 2025, ruled that this was in fact a loan dressed up as an investment. While the agreement had promised returns amounting to BD5,492.500, the court refused to enforce that part of the claim. Interest on civil loans is banned under Article 228 of the Civil Code. Scope The firm in question was found to be operating outside its permitted scope. Its commercial registration only allowed it to trade in antiques, handicrafts, coins, stamps and equestrian goods. Nothing on record showed that it was allowed to run investment schemes of any kind.
Gulf Insider
01-04-2025
- Business
- Gulf Insider
Dentist Wins BD20,000 Pay Dispute With Manama Clinic
Nine years drilling teeth for a Manama dental clinic ended bitterly for one dentist after he spent the final three without proper pay. Now, the centre has been ordered to hand over nearly BD20,000 in unpaid dues. The High Labour Court ruled the clinic must pay BD8,624 in delayed wages for part of 2019 and all of 2020, along with BD11,146 as an end-of-service payout. Interest was added to both sums, along with BD50 in legal costs and a share of court expenses. Open-ended contract Lawyer Zuhair Abdul Latif, speaking on behalf of the claimant, told the court his client began working at the clinic on 15 September 2014 under an open-ended contract signed the month before. His starting pay was BD600 per month, plus BD250 for housing. In March 2017, the salary rose by BD125, taking his total monthly income to BD1,400. Trouble started in 2018. Wages stopped arriving on time. A cheque issued in 2019 to cover BD4,069 came to nothing, and unpaid sums swelled to BD7,151 by the end of that year. In 2020, a further BD5,245 went unpaid. Although the clinic eventually settled BD3,250, more than BD13,000 remained outstanding when the matter reached court. Change in management Zuhair explained that a change in management followed the death of the previous operator in 2020. The dentist was re-engaged under new terms on 18 July 2021, agreeing to a BD250 housing allowance and 30 per cent of earnings. Also read: Government To Launch Online Platform For Private Sector Promotions And Job Shifts
Zawya
20-03-2025
- Business
- Zawya
Solidarity Bahrain shareholders to get 27.5% stock dividend
Bahrain - Solidarity Bahrain, one of the largest insurance companies in Bahrain and a subsidiary of Solidarity Group Holding, yesterday held its annual general assembly meeting (AGM), for the financial year ended December 31, 2024. The meeting was chaired by board of directors chairman Shaikh Khalid bin Mustahil Al Mashani and attended by the shareholders, representatives from the Industry and Commerce Ministry, Central Bank of Bahrain, Bahrain Bourse, and external auditors. The agenda of the AGM commenced with reviewing and approving the minutes of the previous meeting, along with the financial statements for the year ended December 31, 2024. The shareholders also approved the board of directors' recommendation on the distribution 27.5 per cent of stock dividends, of paid-up capital amounting to BD3,666,667, equivalent to 1 share for every 3.636 shares. It is worth noting that above-mentioned stock distribution has been approved by the Central Bank of Bahrain. Shaikh Khalid remarked on the occasion: 'Solidarity Bahrain continues to demonstrate a robust performance throughout the year, evident in its strong financial results. Our commitment to ongoing development over the past year reflects the enduring dedication of our stakeholders and our ambition to establish ourselves as leaders in the industry.' He further noted: 'We are optimistic that Solidarity Bahrain will sustain its growth trajectory, supported by our continuous achievements in the kingdom's insurance sector.' Solidarity Bahrain chief executive Jawad Mohammed said: 'Solidarity Bahrain experienced a successful 2024 across all areas, marked by strong profitability, significant contributions, and strategic expansion beyond Bahrain's borders. Financially, the company achieved a topline of BD60 million and a profit of BD8 million, demonstrating substantial growth compared to the previous year.' Mr Mohammed He added: 'A key milestone in our expansion strategy was the acquisition of nearly 30pc stake in Alliance Insurance, a Dubai-based composite insurer, with plans to secure an additional 20pc in the coming quarter. Furthermore, progress was made in the acquisition of bni and bnl, with updated SPAs signed between Solidarity Bahrain, Solidarity Holding, and BNH. The acquisition, expected to be finalised by the second week of April, will be followed by the merger of bni and bnl with Solidarity Bahrain, positioning the company as the market leader. Overall, the company's outlook is highly positive, surpassing the expectations of the previous year.' Mr Mohammed concluded: 'We are delighted to have successfully wrapped up the year, having launched several initiatives and reached numerous milestones thanks to the relentless efforts of our Solidarity Bahrain team. Alongside our strong financial performance, we have experienced significant internal and external growth, and we are confident in our continued advancement in the upcoming year.' Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Gulf Insider
12-03-2025
- Automotive
- Gulf Insider
Burnout Nights' Ramadhan Programme Set For Exciting Finale on Thursday at BIC
Bahrain International Circuit (BIC), 'The Home of Motorsport in the Middle East', hosts the fourth and final installment this Ramadhan of the ultra-exciting Burnout Nights on Thursday, March 13, in Sakhir. The event brings to a close the hugely thrilling Burnout programme that has thrilled fans since the start of the holy month. Thursday's action is scheduled to take place from 8pm to 12 midnight. Those interested in joining in on the spectacular show of bright sparks and rising white smoke can register on site. The cost to take part is BD8 per participant, with a fee of BD5.5 each for an accompanying passenger and/or crew member. All entrants' vehicles must meet specific eligibility criteria before being permitted to take part. Motorsport fans are invited to be a part of the action and enjoy the high-octane performances that are a treat for the senses. The circuit's spectator grandstand for Burnout Nights overlooks the drift park, part of the circuit's vast vehicle dynamics area, thus offering a fantastic vantage point for all those in attendance to watch the captivating displays. Tickets for fans are BD2 apiece, while VIP car passes are available at BD5 each. For more information on Burnout Nights or other events and activities at BIC, visit call the BIC Hotline on +973-17450000, or follow the circuit's social media channels.
