Sainsbury boss acquitted of Egyptian charges

11th Jun 2015 14:53

The chief executive of Sainsbury has been acquitted by an Egyptian court of embezzlement charges.The charges were brought against Mike Coupe as a representative of the supermarket, and Sainsbury itself, the company said in an announcement.The legal dispute related to a joint venture Sainsbury entered into with Amr el-Nashart, an Egyptian businessman and founder of the Egyptian Distribution Group.In a statement, Sainsbury said el-Nasharty has brought several claims against the supermarket, all of which have consistently been rejected as spurious and without basis in fact.Sainsbury shares were up 2.28% to 266.34p on Thursday at 15.04.