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Kuwait’s Appeals Court Cuts Insider Trading Fine Against Al Ahli Bank Chairman

Kuwait’s Appeals Court Cuts Insider Trading Fine Against Al Ahli Bank Chairman

In March, the Court of First Instance fined Ahmed Yousef Behbehani after a complaint by the Capital Markets Authority.

Kuwait’s Court of Appeal has reduced a fine against the chairman of Al Ahli Bank on alleged insider trading charges to 100,000 dinars ($343,500) from KD1.5 million, a bourse statement from the lender said on Wednesday.

In March, the Court of First Instance fined Ahmed Yousef Behbehani, a member of a powerful Kuwaiti business family, after a complaint by the Capital Markets Authority.

Behbehani said at the time he was not guilty of wrongdoing and would appeal the ruling.

Shares in Al Ahli, Kuwait’s seventh-largest bank by assets, closed 1.1 per cent lower on Wednesday ahead of the announcement.

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