Sunny

Sunny

max temp: 12°C

min temp: 6°C

ESTD 1874 Search

Retail: Arrest over alleged insider trading ahead of Morrisons-Ocado announcement

15:44 20 January 2014

Undated file photos of  Morrisons and Ocado signs as Paul Coyle, group treasurer and head of tax at Morrisons has been arrested over allegations of insider trading reportedly in relation to the launch of its online grocery operation with Ocado. PRESS ASSOCIATION Photo. Issue date: Monday January 20, 2014. According to the Daily Telegraph, the allegations relate to dealing in Ocado shares before the tie-up between the two retailers was announced. The agreement has sent the stock soaring. See PA story CITY Morrisons. Photo credit should read: Joe Giddens/PA Wire

Undated file photos of Morrisons and Ocado signs as Paul Coyle, group treasurer and head of tax at Morrisons has been arrested over allegations of insider trading reportedly in relation to the launch of its online grocery operation with Ocado. PRESS ASSOCIATION Photo. Issue date: Monday January 20, 2014. According to the Daily Telegraph, the allegations relate to dealing in Ocado shares before the tie-up between the two retailers was announced. The agreement has sent the stock soaring. See PA story CITY Morrisons. Photo credit should read: Joe Giddens/PA Wire

A senior Morrisons employee has been arrested over allegations of insider trading reportedly in relation to the launch of its online grocery operation with Ocado.

shares

Paul Coyle, group treasurer and head of tax at the Bradford-based supermarket, was held last month in Harrogate, North Yorkshire, as part of an investigation by the Financial Conduct Authority (FCA).

According to the Daily Telegraph, the allegations relate to dealing in Ocado shares before the tie-up between the two retailers was announced. The agreement has sent the stock soaring.

The newspaper said Mr Coyle, who has not been charged, has not returned to work since the arrest.

Morrisons is using Ocado’s technological know-how to make its belated debut in internet deliveries, which finally began earlier this month.

It announced in May that it had signed a 25-year deal with Ocado to acquire its distribution centre in Dordon, Warwickshire, for £170million and use its technology.

The FCA said in a statement on December 12: “The Financial Conduct Authority with the assistance of the North Yorkshire and West Yorkshire Police has this morning executed a search warrant in Harrogate.

“One male, aged 49, has been arrested and is currently in custody to be questioned in connection with an investigation into insider dealing and market abuse.”

North Yorkshire Police said a 49-year-old man arrested in December was released on police bail until March 19.

Morrisons declined to comment after Mr Coyle was named by the Telegraph today. Mr Coyle was unavailable for comment.

The grocer has endured a miserable start to the year after reporting a 5.6% slide in like-for-like sales over Christmas.

It is also reportedly being targeted by activist investors who want it to improve its performance and are pushing for it to sell off property to raise cash.

shares

0 comments

Stage 5 of the Womens Tour passes through Onehouse on their way to Bury St Edmunds last year

Schoolchildren will also be involved in an evening of activities in Bury St Edmunds ahead of the start of a major women’s cycling event.

Paul Rous, of Bruisyard Hall, has launched a tech startup venture with Mark Pearson

A Suffolk entrepreneur has teamed up with a top technology investor, who made millions from a website he created with just £300, to help finance new ideas.

Cloud telecoms company X-on has launched Cuube, a new online communications services platform.

Cloud telecoms company X-on, based at the Framlingham Technology Centre, has launched Cuube, a new online communications services platform.

Jeremy Goulding, front, left, chief executive of Wheatley, is congratulated by Innovatioin Martlesham chair Ian Buxton on winning the first Innovationi Martlesham competition. Also pictured, from left, are Paul O'Brien of BT, Jane Bromley of Wheatley, Mike Ward of Wheatley and Mohamed Abdel-Maguid from University Campus Suffolk.

Software company Wheatley has been named winner of a new competition staged by Innovation Martlesham, the cluster of hi-tech companies based at BT’s Adastral Park research site, near Ipswich.

Total unemployment in the UK has reached a near seven year low, official figures showed today.
Photo: Philip Toscano/PA Wire

Unemployment in the UK has continued to fall and a record 31million people are in now work, according to the final labour market figures before the General Election.

The Nestle Purina plant in Sudbury.

KitKat, Nescafe and Shredded Wheat maker Nestlé said today that first quarter sales had been boosted by an earlier Easter, but with growth dented by currency changes after the Swiss central bank’s shock decision to lift a cap on the franc.

The B&Q store on the North Quay Retail Park in Lowestoft which is closing in January 2016. Picture: James Bass

DIY chain B&Q has announced its Lowestoft store will close at the start of next year, with reportedly 40 jobs being lost.

Suffolk cider and vinegar maker Aspall was named Business of the Year at last year's EADT Business Awards.  From left, Tom McGarry of EDF Energy, Barry Chevallier Guild of Aspall and Sarah Howard,  of SuffolkChamber.  	
Picture: Lucy Taylor

There is now less than a week to go to enter the 2015 East Anglian Daily Times Business Awards.

The team at Ipswich-based software company IJYI.

A start-up software business in Suffolk has secured a place on a Government panel allowing it to bid for the delivery of cloud technology services across the public sector.

Most read

Most commented

Topic pages