Kuwait’s Ahli Bank chairman fined $5.3m over insider trade

March 4, 2014 12:46 am

A Kuwaiti court has fined the chairman of Al Ahli Bank, the country’s eighth largest bank by market capitalisation, KD1.5m ($5.3m) over alleged insider trading in the bank’s shares, Reuters has reported. Ahmad Yousuf Behbehani was fined by the Court of First Instance after a complaint by the Capital Markets Authority (CMA), the bank said. The CMA said there was a “suspicion that traders conducted transactions in the official stock market based on inside information related to the shares of Al Ahli Bank of Kuwait,” it said, adding that Behbehani said he was not guilty of wrongdoing and will appeal against the ruling to Kuwait’s Court of Appeal.