Latest news with #CIUs
Yahoo
22-04-2025
- Yahoo
Exonerees experience gap in support in Wisconsin
In November, Wisconsin Innocence Project co-founder Keith Findley (left) spoke about wrongful convictions at an annual banquet in Menasha, Wisconsin organized by the advocacy organization ESTHER. Findley stands next to Jarrett Adams, whom Findley helped free after Adams was sentenced to 28 years in prison. Photo by Andrew Kennard The exoneration of David and Robert Bintz in a 1987 murder case has increased attention on what happens in Wisconsin after defendants' convictions are overturned and they are released from prison. The Wisconsin Claims Board considers compensation claims by innocent people who were convicted of a crime. The board can award up to $25,000, not including attorneys' fees, and not more than $5,000 for every year of wrongful imprisonment. It can recommend that the state Legislature award additional compensation. Exonerated people often experience more difficulty accessing services to help them reenter society than people who were released on probation or parole, according to Rachel Burg, co-director of the Wisconsin Innocence Project. State programs work with people on probation or parole before release, Burg said, and include pre-release job training, assistance with applications to public benefits and general release planning. After release, a person may have court or supervision-mandated programs, such as school or work requirements. 'By no means am I saying being on probation or parole is easy or conducive to successfully reentering society, but in theory there is access to resources that are not available to the wrongfully convicted,' Burg said in an email to the Examiner. Exonerated people don't have probation officers making sure they have their identification cards and get set up for Medicaid, she said, or parole agents helping with job applications. A guilty person gets more support from the state than an innocent person who was exonerated, Keith Findley, co-founder of the Wisconsin Innocence Project and an emeritus law professor at UW-Madison, said in an interview in November. 'They've spent often decades in prison, had their livelihoods taken away from them, their relationships, their homes, their professions, their good names,' Findley said. 'And then when we discover we got it wrong and made a mistake, we just open the door and say, 'OK, have a good life,' with nothing more from the state.' Findley said Wisconsin could create a state forensic science commission, as well as conviction integrity units (CIUs) in prosecutors' offices. In neighboring Michigan, the CIU in the state attorney general's office investigates claims of innocence that are accompanied by new evidence. Exonerees in the U.S. may receive compensation through a civil lawsuit, a private bill passed by a state legislature or a state law, if the state has a compensation statute. Wisconsin's compensation cap for wrongfully convicted people is one of the lowest caps in the country. The rare exception to the cap is if the Wisconsin Legislature approves a higher amount. The Wisconsin Claims Board decides whether to grant compensation to an exonerated person and can recommend that the Legislature award an amount higher than the $25,000 cap. The members of the Wisconsin Claims Board come from the Wisconsin Senate, the Wisconsin Assembly, the governor's office, the Wisconsin Department of Justice and the Wisconsin Department of Administration. Currently, the legislative representatives are Rep. Alex Dallman (R-Green Lake) and Sen. Eric Wimberger (R-Oconto). Wisconsin pays an average of about $4,200 per year of wrongful incarceration to those who filed and received compensation, according to an analysis of data collected by the National Registry of Exonerations, Wisconsin Watch reported. A bipartisan bill that would have increased the $25,000 cap to $1 million passed the Wisconsin State Assembly in 2016, the Capital Times reported. It didn't become law. The bill would have also granted assistance for transitioning back into society and up to 10 years in the state's health insurance program for public employees. There were 39 states, along with the District of Columbia, with compensation statutes for wrongful imprisonment as of March. Some states' compensation statutes allow exonerees to receive services, like assistance with tuition, job search and housing, Rachel Burg of the Wisconsin Innocence Project said. As of July 2023, 62 Wisconsin exonerees were wrongly convicted in state courts since 1989 and potentially eligible for compensation, according to a research paper that used information from the National Registry of Exonerations. Jeffrey Gutman of George Washington University Law School published 'Compensation under the Microscope: Wisconsin' in 2022, and it was updated in 2023. As of July 2023, 25 of the 62 had filed claims. 17 of 25 applicants were granted compensation, and 8 were denied. Gutman wrote that Wisconsin's filing rate was significantly below a national average of 58% and said that 'Wisconsin's low compensation is a logical explanation.' In Findley's view, Wisconsin's compensation plan for exonerees 'puts a very high burden' on innocent people to prove their innocence. Wisconsin's compensation statute does not give compensation to people because they show their conviction was overturned, the claims board said when it denied compensation to Lavontae Stinson in a 2024 decision. Stinson's conviction was overturned due to ineffective assistance of his legal counsel, the claims board said. For this to happen, Stinson had to show there was a 'reasonable probability' that more effective counsel would have led to a different result. According to the board's decision, the Milwaukee County District Attorney decided not to retry Stinson because the state could not meet its burden of proof. According to the DA, additional information from Stinson's post-conviction counsel 'cast some doubt on whether Stinson was involved at all in the crimes for which he was sent to prison.' To receive compensation, Stinson had to meet a different standard — proving his innocence with 'clear and convincing' evidence — and the board ruled his arguments and evidence did not meet the standard. In 2014, then-Gov. Scott Walker signed a bill granting Robert Lee Stinson an additional $90,000. In the end, Stinson was awarded the $115,000 he had requested from the Wisconsin State Claims Board — $5,000 for each year of his imprisonment. Gutman's 'Compensation Under the Microscope' reported 17 cases of exonerees receiving state compensation, going back to 1989. Stinson's case appeared to be the only example of the Wisconsin Legislature ordering additional compensation for a wrongfully convicted person following a claims board recommendation, he wrote. Stinson spent over two decades incarcerated for a conviction based on flawed evidence, FOX6 Milwaukee reported. He settled litigation with the city of Milwaukee for $7.5 million. Jarrett Adams, an attorney working with David and Robert Bintz, didn't yet know if the brothers could make a claim for a federal lawsuit, he told the Examiner in late February. Wisconsin's compensation statute might be the brothers' only opportunity for compensation, he said. In the case of Daryl Holloway, the claims board recommended an additional $975,000 in March 2022, Gutman wrote, and the Legislature hadn't acted on the recommendation as of June 2023. After a 3-2 vote, in a Jan. 30 decision, the board awarded Gabriel Lugo $25,000 in compensation, not including attorneys' fees. Lugo had been sentenced to 30 years in prison for a 2008 shooting and released in 2023 after his conviction was vacated. The board recommended that the Legislature award Lugo an additional $750,000. This is Part Two in a series on wrongful convictions. Read Part One here. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Zawya
18-03-2025
- Business
- Zawya
Bahrain's money supply swells to $43.24bln
Bahrain's money supply witnessed a significant surge, reaching BD16.3 billion by the end of December 2024, an increase of BD0.3bn compared to the previous year, as revealed during the Central Bank of Bahrain's (CBB) first board meeting of 2025. Chaired by Hassan Al Jalahma yesterday, the meeting highlighted the Kingdom's robust financial sector performance. The CBB board, in its review of key monetary and banking indicators, approved the CBB's annual report and audited financial statements for 2024, alongside discussions on the CBB's investment policy for 2025 and ongoing activities. The data presented a picture of steady growth across various financial segments. Retail banks saw total private deposits rise to approximately BD14.2bn, a 0.4pc increase from December 2023. Loan and credit facilities extended to resident economic sectors reached BD12.3bn, marking a 4.6pc increase, with the business and personal sectors accounting for 42.3pc and 48.3pc respectively. The banking system's balance sheet, encompassing both retail and wholesale banks, expanded to $247.8bn, a 3.9pc increase. Digital transactions continued their upward trajectory, with point of sales (POS) data for January 2025 showing 21.2 million transactions, a 25.4pc increase year-on-year. Contactless payments dominated, accounting for 77.4pc of all transactions. The total value of POS transactions reached BD433m, a 14.6pc increase, with contactless payments comprising 51.9pc. The banking sector's resilience was underscored by its strong capital adequacy and liquidity. The capital adequacy ratio reached 21.2pc in Q4 2024, up from 19.7pc in Q4 2023. Conventional retail banks led with a 32pc ratio, followed by Islamic retail banks at 24.6pc, conventional wholesale banks at 16.9pc, and Islamic wholesale banks at 19.6pc. The Collective Investment Undertakings (CIUs) sector also showed positive growth. The number of registered CIUs increased to 1741 by January 2025, from 1678 in January 2024. The net asset value (NAV) of CIUs rose to $11.170bn in Q4 2024, a 0.3pc increase. Sharia-compliant CIUs experienced a notable 6pc increase in NAV, reaching $1.715bn. While Bahrain-domiciled CIUs saw a slight decrease in NAV, overseas-domiciled CIUs posted a 1.1pc increase, contributing to the overall positive performance of the sector. The CBB's report paints a picture of a dynamic and expanding financial landscape in Bahrain, supported by robust growth in money supply, digital transactions, and overall banking sector stability. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Daily Tribune
17-03-2025
- Business
- Daily Tribune
Collective Investment Undertakings (CIU) in Bahrain
Bahrain is a host of many mutual funds & investment funds, which makes a good lucrative investment opportunity for you and all. The first overseas mutual funds started and marketed in Bahrain in the 80s and the first Bahrain domiciled scheme was launched in 84. The first Collective Investments Schemes rules were issued in 92 by CBB. The rules are for authorization, registration and supervision of mutual funds domiciled or offered for marketing in Bahrain. This business is growing very fast and very encouraging. Since 2020, the number of mutual funds reach thousands of funds of which many funds are Bahrain domiciled and Sharia compliant funds. This shows, the net asset value (NAV) of the funds totaled worth more than billion dollars, invested in locally incorporated funds in Sharia compliant funds or non-sharia compliant entities. Collective investment undertakings (CIU), are defined, as undertakings the sole object is collective investment of capital raised from the public or through private placement, including investments by the operator, in financial instruments and other assets and which operates on the basis of risk-spreading as appropriate and the holdings of which may be re-purchased or redeemed out of those undertakings assets as appropriate. For the purposes of this, holdings mean the unit of measurement of the beneficial interest of participants in a CIU, by whatever name it is called including units and, in the case of investment trusts or companies, in the form of shares or units. Each holding represents a right to the assets of the CIU. The definition recognizes both open-ended funds and closed-ended funds, unit trusts, investment trusts, mutual funds, SICAV (French apprevaition means Investment Company with variable capital) and collective investment schemes are all examples of CIUs. The CIUs may be constituted under contract as common funds managed by management companies, trust law as unit trusts, or under statute as investment companies. Closed-ended funds are CIUs with a limited number of holdings. Where the fund vehicle is a company, holdings can take the form of shares. New holdings are rarely issued after the fund is launched and are not normally redeemable until the fund is liquidated. Typically, an investor can acquire or dispose of holdings in a closed-ended fund by buying or selling them on a secondary market, from a market intermediary or another investor, rather than by dealing with the CIU itself. Bahrain domiciled CIUs, are defined, as undertakings where the legal form of the CIU is established under the laws of the Kingdom of Bahrain, and CIU documents and contracts are governed by the Laws of Bahrain, unless otherwise agreed with CBB. Bahrain domiciled CIUs may be constituted either as common CIUs, established by contracts, trusts established under the Financial Trusts Law, or a corporate established under the Company Law. The Bahrain domiciled CIUs are classified as retail CIUs, expert CIUs or exempt CIUs as defined by CBB and each Bahrain domiciled CIU must have its separate legal vehicle. However, we strongly believe, this gives a well-regulated investment opportunity for potential investors including yourself or your entity. However, this type of investment is classified as institutional investment (II), which requires accurate knowledge professional advice, to overcome or understand the risks associated to such investment transactions.
Biz Bahrain
17-03-2025
- Business
- Biz Bahrain
CBB holds first Board meeting for 2025
The Central Bank of Bahrain's (CBB) Board of Directors held its first meeting for the year 2025, chaired by Mr. Hassan Khalifa Al Jalahma on Sunday, 16 March 2025. The Board reviewed the topics on the agenda and approved the CBB's annual report and audited financial statements for the year 2024. The Board also discussed the CBB's investment policy for 2025, and reviewed the CBB's activities thus far in 2025. The Board also reviewed key monetary and banking indicators for the year 2024 including the money supply, which increased by BD0.3 billion to reach BD 16.3 billion at the end of December 2024, compared to the same period in 2023. As for retail banks, total private deposits increased to around BD14.2 billion at the end of December 2024, an increase of 0.4% compared to the end of December 2023. The outstanding balance of total loans and credit facilities extended to resident economic sectors increased to BD12.3 billion at the end of December 2024, an increase of 4.6% compared to the end of 2023, with the Business Sector accounting for 42.3% and the Personal Sector at 48.3% of total loans and credit facilities. The balance sheet of the banking system (retail banks and wholesale sector banks) increased to $247.8 billion at the end of December 2024, an increase of 3.9% compared to the end December of 2023. Point of Sales (POS) data for January 2025 totaled 21.2 million transactions (77.4% of which were contactless), an increase of 25.4% compared to the same period in 2024. The total value of POS transactions for January 2025 totaled BD 433.0 million (51.9% of which were contactless), an increase of 14.6% compared to the same period in 2024. The banking sector maintained a high level of capital adequacy and liquidity, as the capital adequacy ratio of the banking sector reached 21.2% in Q4 2024 compared with 19.7% in Q4 2023. The capital adequacy ratio for the various banking sectors was 32.0% for conventional retail banks, 16.9% for conventional wholesale banks, 24.6% for Islamic retail banks, and 19.6% for Islamic wholesale banks in Q4 2024. The total number of registered Collective Investment Undertakings (CIUs) as of January 2025 stood at 1741 CIUs, compared to 1678 funds as of January 2024. The net asset value (NAV) of the CIUs increased from US $11.139 billion in Q4 2023 to US $11.170 billion in Q4 2024, reflecting an increase of 0.3%. The NAV of Bahrain domiciled CIUs decreased from US $4.309 billion in Q4 2023 to US $4.268 billion in Q4 2024, reflecting a decrease of 1%. The NAV of overseas domiciled CIUs increased from US $6.830 billion in Q4 2023 to US $6.902 billion in Q4 2024, reflecting an increase of 1.1%. Additionally, the NAV of Shari'a-compliant CIUs increased from US $1.618 billion in Q4 2023 to US $1.715 billion in Q4 2024, reflecting an increase of 6%.
Zawya
17-03-2025
- Business
- Zawya
Loans extended by Bahrain banks increase 4.6% in 2024
Bahrain - The outstanding balance of total loans and credit facilities extended to resident economic sectors by banks in Bahrain increased to BD12.3 billion ($32.62 billion) at the end of December 2024, an increase of 4.6% compared to the end of 2023. This was revealed at the Central Bank of Bahrain's (CBB) Board of Directors meeting, chaired by Hassan Khalifa Al Jalahma on Sunday (March 16). The Business Sector accounted for 42.3% and the Personal Sector 48.3% of the total loans and credit facilities. The total private deposits in Bahrain's retail banks increased to around BD14.2 billion at the end of December 2024, a growth of 0.4% compared to the end of December 2023. The balance sheet of the banking system (retail banks and wholesale sector banks) increased to $247.8 billion at the end of December 2024, an increase of 3.9% compared to the end December of 2023. The CCB board also reviewed key monetary and banking indicators for the year 2024 including the money supply, which increased by BD0.3 billion to reach BD16.3 billion at the end of December 2024, compared to the same period in 2023. The board reviewed the topics on the agenda and approved the CBB's annual report and audited financial statements for the year 2024. The board also discussed the CBB's investment policy for 2025, and reviewed the CBB's activities thus far in 2025. The CBB report said Point of Sales (POS) data for January 2025 totalled 21.2 million transactions (77.4% of which were contactless), an increase of 25.4% compared to the same period in 2024. The total value of POS transactions for January 2025 totaled BD 433.0 million (51.9% of which were contactless), an increase of 14.6% compared to the same period in 2024. The banking sector maintained a high level of capital adequacy and liquidity, as the capital adequacy ratio of the banking sector reached 21.2% in Q4 2024 compared with 19.7% in Q4 2023. The capital adequacy ratio for the various banking sectors was 32.0% for conventional retail banks, 16.9% for conventional wholesale banks, 24.6% for Islamic retail banks, and 19.6% for Islamic wholesale banks in Q4 2024. The total number of registered Collective Investment Undertakings (CIUs) as of January 2025 stood at 1741 CIUs, compared to 1,678 funds as of January 2024. The net asset value (NAV) of the CIUs increased from $11.139 billion in Q4 2023 to $11.170 billion in Q4 2024, reflecting an increase of 0.3%. The NAV of Bahrain domiciled CIUs decreased from $4.309 billion in Q4 2023 to $4.268 billion in Q4 2024, reflecting a decrease of 1%. The NAV of overseas domiciled CIUs increased from $6.830 billion in Q4 2023 to $6.902 billion in Q4 2024, reflecting an increase of 1.1%. Additionally, the NAV of Shari'a-compliant CIUs increased from $1.618 billion in Q4 2023 to $1.715 billion in Q4 2024, reflecting an increase of 6%, CBB said. – TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
