Senior Morrisons figure in insider dealing investigation

DETAILS surrounding the arrest of a senior Morrisons employee in connection with alleged insider dealings have emerged.

A 49-year-old man was arrested at his home in Harrogate in December as part of an investigation by the Financial Conduct Authority (FCA) into insider dealing and market abuse.

This morning the Daily Telegraph has named the man as Paul Coyle, group treasurer and head of tax at Bradford-based supermarket chain Morrisons and says he was arrested 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 deal, which allowed Morrisons to launch online sales and home delivery, was announced and have increased by 281% since the two companies revealed that they were in talks last March.

It is understood that Mr Coyle has not returned to work since the arrest. He is yet to be charged.

Insider dealing is punishable by a fine or up to seven years in prison. It is not known how many shares in Ocado are alleged to have been bought

The Daily Telegraph said that Morrisons and the FCA declined to comment.