Update: Egyptian businessman denies involvement in Independent talks

Posted by Elizabeth Redman on February 4, 2010 at 10:53 AM

Egyptian billionaire Samih Sawiris has denied that he is in talks with Russian businessman Alexander Lebedev over the purchase of the Independent newspapers, The Guardian has reported.

Editor of the Lebedev-owned newspaper the Evening Standard, Geordie Greig, has also denied that Sawiris was a part of the talks.

The Guardian yesterday reported that the two businessmen were in discussions about forming a partnership to purchase the Independent and the Independent on Sunday. Lebedev is in exclusive non-binding talks over the purchase of the two papers, with a deadline of 15 February, although that is likely to be extended to mid-March.

Sawiris said that the first he had heard of his supposed participation was from the report in The Guardian. "I had previously been unaware that the Independent was even up for sale, and had certainly never expressed any interest in buying it or being involved in buying it," he told The Guardian. "If I had that much spare money, I would use it to buy a boat, not a newspaper."

He added that his only involvement with Lebedev was a deal over social housing projects in Egypt and that they had never discussed the Independent deal.

Greig said: "It is completely untrue this suggestion that this Egyptian businessman whom you mention is in any talks with Mr Lebedev to buy any newspaper. It's a fanciful piece of journalism concocted by the Guardian."

Source: The Guardian