Sunny

Sunny

max temp: 20°C

min temp: 13°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

Sheepen Place office development scheme at night - artist's impression

Proposals have been submitted for two new office buildings planned for central Colchester.

Greene King chief executive Rooney Anand, left, shaking hands with Mike Tye, chief executive of the Spirit Pub Company, outside Spirit's headquarters in Burton uponTrent following the sale deal.

Jobs are at risk at Greene King following a major acquisition earlier this year.

EDF workers are unhappy over pay.

Hundreds of workers at energy giant EDF are to stage a 24-hour strike in a row over pay.

Amos Smith who is launching a new yoghurt called Mossy's from a secret family recipe.

A popular yogurt made to a secret family recipe has been revived by a young food entrepreneur.

Land next to Burger King is for sale

Tesco, Mothercare and Toys R Us could soon have a new neighbour at Copdock Mill

A city worker looks at a stock ticker screen at the London Stock Exchange in the City of London.

Volatile stock market conditions took their toll again today as the FTSE 100 Index plunged after sharp gains in the previous session.

The Director General of the British Chambers of Commerce, John Longworth, has met with the Suffolk Chamber of Commerce in Ipswich to hear of their work delivering support to firms across the region.

The Director General of the British Chambers of Commerce, John Longworth, met with the Suffolk Chamber of Commerce in Ipswich to hear of their work delivering support to firms across the region last week.

Sainsbury's supermarket was only one of Britain's big four supermarkets to grow sales in the last three months - but still saw its number two spot in the sector retaken by Asda.

Sainsbury’s was the only one of Britain’s big four supermarkets to grow sales in the last three months - but still saw its number two spot in the sector retaken by Asda, according to latest industry data.

Family law expert Georgina Hall, now a partner at Prettys

East Anglia law firm Prettys, which has offices in Ipswich and Chelmsford, has announced the promotion of family law expert Georgina Hall to partner, bringing the total number of partners in the firm to 10.

Poundlands £55 million acquisition of rival 99p Stores has provisionally been given the green light.

Poundland’s £55 million acquisition of rival 99p Stores has provisionally been given the green light.

Most read

Most commented

Topic pages