29th Apr 2015 05:38
LONDON (Alliance News) - J Sainsbury PLC Chief Executive Mike Coupe has been sentenced to two years in jail in Egypt after being convicted by a court in Giza for what it claimed was embezzlement, The Daily Telegraph reported on Wednesday.
The retailer is alleged to have tried to seize cheques linked to an Egyptian business Sainsbury's invested in 16 years ago and, as the most senior employee of the retailer, Coupe been held responsible by the court.
He was automatically convicted by the court after he failed to attend court hearings and could be arrested if he does travel to Egypt. Sainsbury's told the Telegraph it was unaware of the hearings and denied the allegations against Coupe.
"We strongly refute the legal case in Egypt brought against our chief executive Mike Coupe. This relates to a historic commercial dispute in which Mr Coupe had no involvement," a Sainsbury's spokesman said.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11570005/Sainsburys-chief-executive-Mike-Coupe-sentenced-to-jail-in-Egypt.html
By Sam Unsted; [email protected]; @SamUAtAlliance
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