Ex-Morrisons executive charged with insider dealing

THE former treasurer and head of tax at supermarket group Morrisons has been charged with insider dealing.

The Financial Conduct Authority (FCA) has charged Paul Coyle with two offences of insider dealing relating to trading in Ocado Group shares between February and May 2013.

He was arrested at his home in Harrogate in December as part of an investigation by the FCA into insider dealing and market abuse, on suspicion of buying shares in Ocado before it was announced that the two companies had agreed a £216m partnership.

Shares in Ocado rose after the distribution deal, which allowed Morrisons to launch online sales and home delivery. 

Mr Coyle was suspended from Morrisons in January.

A spokesperson for the Bradford-based supermarket said: “The FCA’s insider dealing investigation did not concern Wm Morrison Supermarkets plc nor any other Morrisons employee.  

“Morrisons is satisfied with its governance and procedures concerning the handling of market sensitive data in this case and found that the company’s procedures had been properly followed. These accusations, if proven, would be the result of an individual acting alone.”

Insider dealing is punishable by a fine or up to seven years in prison.