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Sun 28 Dec 2014 04:21 PM

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Kuwait's Al Ahli Bank's chairman resigns due to ill health

Ahmed Yousef Behbehani steps down from Gulf state's ninth largest bank

Kuwait's Al Ahli Bank's chairman resigns due to ill health
Al Ahli Bank

The chairman of Kuwait's Al Ahli Bank has resigned due to ill health and been replaced by the lender's deputy chairman, it said on Sunday.

Ahmed Yousef Behbehani stepped down with effect from Dec. 24, with deputy chairman Talal Mohamed Reda Yousef Behbehani appointed chairman in his place, Kuwait's ninth-largest bank by market capitalisation said in a bourse statement.

In November, Kuwait's Court of Appeal reduced a fine against Ahmed Yousef Behbehani for alleged insider trading charges to 100,000 dinars ($341,588) from 1.5 million dinars.

This followed the Court of First Instance in March fining 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.

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