Safwan Thabet, the chairman and owner of Egyptian dairy company Juhayna (Photo: Al-Ahram)
Safwan Thabet, the chairman and owner of Egyptian dairy company Juhayna, was given a one-year sentence in absentia on Thursday for producing products that do not meet market standards.
Cairo Misdemeanour Court set bail for the Egyptian business tycoon at LE1,000 ($144) and fined him LE10,000 ($1,437). Bail is granted in some Egyptian court cases during the appeal process.
“I know nothing about the verdict or the case. I am not even in Egypt,” Thabet told Ahram Online by phone on Thursday.
In December, Egypt’s prosecutor-general imposed a travel ban on Thabet for being involved in corruption.
In 2012, a court in Egypt’s governorate of Kafr El-Sheikh sentenced two employees from Juhayna to a year in jail for watering down milk.
Juhayna, Egypt's largest dairy company, posted net profits of LE328.3 million ($47.16 million) in 2013, up 0.9 percent compared to the year before.
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 tons of product per day.