Sainsburys chief exec sentenced to jail
With sales being low and having to sack loads of people, you'd think Sainsbury's were having a bad enough time of it. Well, today, their mountain of faeces was added to as the Sainsbury’s chief executives are dealing with their colleague, Mike Coupe, being given a two-year jail sentence in Egypt.
Coupe is the head of Sainsbury's and has been convicted by a Giza court (very different from a 'geezer court' where you get your Stone Island jacket confiscated from you) for allegedly trying to seize cheques from Egyptian businesses while the supermarket was trying to crack the country 16 years ago.
The court decided convict Mike Coupe because, basically, he's Sainsbury's most senior employee. The supermarket's boss didn't bother going to the trial so was convicted in absentia. No holidays to the great pyramids for Mike then, or they'll have him at the airport.
Of course, Coupe wasn't employed by Sainsbury’s in 2001 and hasn't even met the complainant, so the whole thing reeks of farce. A spokesperson for Sainsbury's said: "We have taken all necessary steps to appeal against these groundless claims and will continue to do so."
Sainsbry's attempt to win over Egyptians didn't go well and the supermarket ended up losing £111m on the whole venture. Shares in the stores opened were sold to Amr El Nasharty who subsequently accused Saino's of selling him shares in an insolvent business. Sainsbury's themselves accused El Nasharty of paying for shares with a cheque that bounced, leaving the whole thing sounding as tinpot as can be.
“Mr El Nasharty is now claiming that Mike was in Egypt on 15th July 2014 and seized these cheques, which is an impossibility. Mike Coupe was in London carrying out his normal duties that day,” the spokeswoman continued.