Hikma Pharmaceuticals said it will fight a legal judgement made against the company’s managing director in Egypt.
A report on Egyptian news site Elaosboa.com this week said that Agouza Misdemeanour Court in Cairo handed down a one-month jail sentence to Hassan Shafik for violating Egypt’s Companies Law No. 159 of 1981. Elaosboa.com later withdrew its story.
Hikma, which is listed on the London Stock Exchange, told Arabian Business that neither Hikma nor Shafik had been notified of the case, with the sentenced being made in absentia. Hikma said legal proceedings, which are still ongoing, were related to a
signature of an ex-employee on his employment contract.
“The
court sentence was an absentee sentence and neither the managing director nor
Hikma were notified of the legal proceedings to attend hearings and defend the
managing director’s legal position,” a spokesperson for Hikma said in an emailed statement.
“Hikma would like
to reiterate that it supports its management in all its company locations, and
upholds the highest standards of ethical conduct in terms of labour matters and
employees’ rights,” it added. “Hikma
is fully supporting its Managing Director in Egypt and is providing him with a high caliber legal defense team.”
Hikma, founded in Jordan by chairman Samih Darwazah in 1978, listed on the London Stock Exchange in 2005 and in the first half of this year reported revenue of $638m.
Hikma entered the Egyptian market in 2007 when it acquired Alkan Pharma for $60.5m in 2007. It expanded its business in Egypt in January this year by buying Egyptian Company for Pharmaceuticals & Chemical Industries for $22.2m.
It has production facilities in regional countries including Jordan, Saudi Arabia, Algeria and Morocco.
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