Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait fines Ahli Bank chief over insider trade  Join our daily free Newsletter

MENAFN - The Peninsula - 04/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) 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



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 (CMA), Al Ahli said in a statement posted on the stock exchange website. Behbehani said he was not guilty of wrongdoing and will appeal against the ruling to Kuwait's Court of Appeal, Al Ahli 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", according to the bank's statement



Al Ahli did not give details of the allegations against Behbehani and said the court had not yet disclosed the reasoning behind its judgement. The bank did not respond to requests for further comment or to efforts to contact Behbehani. Contacted by telephone, the CMA said it could not immediately comment on the case



Shares in Al Ahli, which has a market capitalisation of about 2.5bn, fell 3.5 percent yesterday



A survey of a dozen international fund managers last month found they ranked Kuwait lowest among five big Middle Eastern markets for enforcement of regulations against improper or illicit trading.



The CMA, which began operating in 2011, aims to change that and in recent months has been targeting suspected illicit activity in the market more aggressively, fund managers said.

 


The Peninsula




  MENA News Headlines
 Aug 30 2015 - Egypt- 13 smuggled medication brands confiscated from prominent Maadi pharmacyDaily News Egypt
(MENAFN - Daily News Egypt) 17 August Ministry of Health raid on a renowned pharmacy resulted in the seizure of 13 drug brands in quantities of 23 packets, according to an official statement on ...

 Aug 30 2015 - Abu Dhabi set for new hotel boomThe Arabian Post
(MENAFN - The Arabian Post) |By TAP Staff| Some 5,200 rooms are expected to be added to the Abu Dhabi hotel sector by 2017. Of this, 2,300 rooms are set to enter the market by the end of 2015 alone, ...

 Aug 30 2015 - Egypt- High-profile figures to push for Fahmy's deportation, others hope for presidential pardonDaily News Egypt
(MENAFN - Daily News Egypt) The three Al Jazeera journalists, Mohamed Fahmy, Baher Mohamed and Peter Greste, received Saturday three year prison sentences in the case also known as the 'Marriott ...

 Aug 30 2015 - 10 water stations closed, investigations ongoing in Assiut after oil leakDaily News Egypt
(MENAFN - Daily News Egypt) The Minister of Environment Khaled Fahmy, along with officials in Assiut and Beni Suef and President of the Central Administration for Environmental Crisis, Kawthar Hefni, ...

 Aug 30 2015 - Arqaam fined for money launderingThe Arabian Post
(MENAFN - The Arabian Post) The regulator of Dubai's financial free zone said on Wednesday it had fined Arqaam Capital $50,000 after investigating the Dubai-based investment bank over compliance with ...

 Aug 30 2015 - Egypt- 2 suspects killed in Fayoum amid accusations of extra-judicial killingDaily News Egypt
(MENAFN - Daily News Egypt) Two men, named as Mohamed Khames and Salem Sayed, were killed Friday morning in Fayoum as police stormed their home, while eyewitnesses claim they were unarmed.The Fayoum ...

 Aug 30 2015 - Egypt- Ministry of Interior denies hackers took down official websiteDaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Interior denied Friday evening reports that its website had been taken offline by hackers, despite the claims of a group who say they are responsible for ...

 Aug 30 2015 - Gold headed for biggest monthly drop since 2013The Arabian Post
(MENAFN - The Arabian Post) Gold fell, heading for its largest monthly decline in two years, as the Federal Reserve moved closer to boosting US interest rates for the first time since 2006.While Fed ...

 Aug 30 2015 - Egypt- Endowments ministry partners with state TV to produce weekly segmentDaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Religious Endowments launched a religious segment on Saturday in partnership with state television that aims to counter "extremist religious ideology".In ...

 Aug 30 2015 - Turkey launches first coalition airstrikes against ISDaily News Egypt
(MENAFN - Daily News Egypt) Turkish fighter jets have hit "Islamic State" targets in Syria € for the first time as part of the US-led coalition. Turkey took on a more active role in the fight against ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help