Juhayna chairman sentenced to one year in prison
An Egyptian court has handed the chairman and owner of dairy producer, Juhayna, a one-year sentence in absentia for allegedly failing to produce products that meet market standards, Ahram has reported. Cairo Misdemeanour Court set bail for the Egyptian business tycoon at EGP1,000 ($144) and fined him EGP10,000 ($1,437). “I know nothing about the verdict or the case. I am not even in Egypt,” Thabet told the daily. The company, which employs more than 4,600 workers, has 209 different products on supermarket shelves with the industrial capacity to yield a total of 2,900 tonnes of product per day. Egypt’s largest dairy company posted a 0.9% year-on-year increase in net profits to EGP328.3m ($47.16m) in 2013.