Mike Coupe, Sainsbury‘s Chief Exec, has avoided a prison sentence in Egypt after a court acquitted him of all charges in relation to the supermarket giant‘s investment in an Egyptian business 16 years ago.
He had been sentenced to two years in prison for allegedly trying to take cheques linked to the firm‘s attempts to move into the country.
Coupe was able to prove he was not in the country at the time but in September he was automatically convicted after failing to attend court in Egypt and defend himself.
In a market update, Sainsbury’s said:
“Mike Coupe was today acquitted by an Egyptian court of all charges brought against him as a representative of the company.
This relates to a legal dispute brought against Sainsbury’s and Mr Coupe by one individual, Amr el-Nasharty, with whom Sainsbury’s entered into a joint venture in 1999.”