LONDON (Reuters) - Mike Coupe, chief executive of British supermarket Sainsbury's (L:SBRY), was on Thursday acquitted by an Egyptian court of all charges relating to an historic business dispute.
The case was brought against Sainsbury's and Coupe by Amr el-Nasharty, with whom the firm entered into a joint venture in 1999.
Coupe had contested a two-year jail sentence for embezzlement, handed down in absentia by an Egyptian court in September.
"We are pleased that justice has prevailed today, with the court ruling in favour of Mike, and ultimately Sainsbury's," the firm said.
"We have always strongly refuted the legal case in Egypt brought against...Coupe, which relates to a historic commercial dispute which has absolutely nothing to do with Coupe."
The CEO was not employed by Sainsbury's at the time of the original dispute in 2001 and has never met the complainant.
Coupe was not in court to hear the verdict.
On Wednesday he had presented Sainsbury's first quarter trading update.