BSF ex-CEO under travel ban amid probe into staff bonus breach: report

The former chief executive of Banque Saudi Fransi (BSF), Patrice Couvegnes, remains under a travel ban in Saudi Arabia following the start of an investigation six months ago into alleged misuse of a staff bonus scheme, Reuters reported, citing sources familiar with the matter.

Couvegnes was dismissed by the bank in November in coordination with the central bank and other regulatory bodies.

The central bank had at the time said that BSF might be fined over irregularities in an employee incentive program, and had committed violations related to governance and supervisory regulations.

BSF accepted that there had been irregularities in the bonus scheme that led to such violations, the report said.

Couvegnes was placed under a travel ban as a result of the investigation, the sources said.

The Saudi-listed lender first disclosed it had discovered wrongdoing in October when it said its board had appointed an independent team to investigate violations of the scheme dating back years.