29th Apr 2015 06:55
LONDON (Alliance News) - J Sainsbury PLC Wednesday said it is taking all necessary steps to appeal against "groundless claims" that Chief Executive Mike Coupe allegedly illegally seized cheques in Egypt that were paid to the retailer when it sold out of its Egyptian joint venture.
In a statement, the retailer said that when Amr El Nasharty bought its interest in the Egyptian joint venture it had with him back in 2001, he paid us with cheques that were dishonoured. However, El Nasharty is now claiming that Sainsbury's current CEO Coupe was in Egypt on July 15, 2014 and seized the cheques. He was convicted last September by an Egyptian court, according to the retailer, even though there was no notice of proceedings against him, and he wasn't at the hearing.
Sainsbury says Coupe was in London "carrying out his normal duties" on July 15 of last year. It said the case is an historic commercial dispute in which Coupe had no involvement and it strongly refutes all the allegations.
"Mike Coupe was not employed by Sainsbury's at the time of the original business deal in 2001 and has never met the complainant," it said.
"We have taken all necessary steps to appeal against these groundless claims and will continue to do so," it added. "This process is being handled by our legal team and we do not anticipate it having any material operational or financial impact on the company."
By Steve McGrath; [email protected]; @stevemcgrath1
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