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Sainsbury’s rejects Egypt legal case against CEO Coupe

In 1999, Sainsbury’s invested in a company called Edge that was owned by Nasharty. The joint venture was wound up in 2001 with Nasharty agreeing to buy back Sainsbury’s shares for about 40 million pounds ($61.6 million).
30.04.15 | Source: The Daily Star

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Reuters

LONDON: British supermarket Sainsbury’s Wednesday rejected all allegations against its chief executive after it emerged he was sentenced in absentia last September to two years in an Egyptian jail after being found guilty of embezzlement.

Chief Executive Mike Coupe attended a court hearing in Giza last Sunday to try to overturn the conviction which related to the collapse of an Egyptian business which Sainsbury’s had invested in over a decade ago.

However, that hearing was adjourned, with another set for May 3.

“We are aware of media coverage today outlining a legal case in Egypt brought against our CEO, Mike Coupe,” Sainsbury’s said in a statement.

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