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 1.5 million dinars, 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 percent lower on Wednesday ahead of the announcement.
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