11th Jun 2015 13:23
LONDON (Alliance News) - J Sainsbury PLC said that Chief Executive Mike Coupe was acquitted on Thursday by an Egyptian court of all charges brought against him as a representative of the company.
In April, Coupe was accused of illegally seizing cheques in Egypt that were paid to the supermarket when it sold out of its Egyptian joint venture with Amr el-Nasharty.
Sainsbury's had denied all allegations against the chief executive, saying that he was in London "carrying out his normal duties" at the time he supposedly seized the cheques, and that the business deal between Sainsbury's and el-Nasharty occurred before Coupe was even employed at the supermarket.
Shares in Sainsbury's were trading up 2.5% at 266.90 pence Thursday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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