Partly Cloudy

Partly Cloudy

max temp: 13°C

min temp: 9°C

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.

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.

0 comments

A silhouette shot of 'Sarah', who has spoken about her experience with domestic abuse. Picture: Sarah Lucy Brown

A domestic violence survivor from Suffolk has told how family and friends intervened to help her flee a 13-year abusive relationship that left her “completely beaten”.

Jeremy Head, who took his own life at mental health unit Wedgwood House, in Bury St Edmunds, in 2014. Picture: Ashtons Legal

The sister of a 49-year-old man who was found hanged at a mental health unit in Suffolk has said she begged for help in the weeks leading up to his death.

Lauren Sherwood and Jaimin Patel (centre, arms linked) at Glemhall Hall where they met with suppliers of the St Elizabeth Hospice win a wedding competition. Picture: Echo Alfa

A Colchester couple who won St Elizabeth Hospice’s wedding giveaway last year have pledged their commitment to raising thousands of pounds for the cause in return for their special day at Glemham Hall.

President Vladimir Putin Dmitry Astakhov/ Sputnik, Government Press Service Pool photo via AP

Russian president Vladamir Putin should be offered a state visit, a Suffolk MP has said.

Glasses of fizz

Is a new style of bubbly about to take the supermarket aisles by storm with its mix of two favourite tipples?

Chaos on the trains at London Liverpool Street. Picture: Jon Carney

Two points failures at London Liverpool Street which saw thousands of rail passengers heading towards Ipswich delayed this evening have been fixed.

Broke Hall Community Primary School, Ipswich, had a Tractors in School visit - farmer John Taylor with Kara Bassil. Picture: NIGEL BROWN

Hundreds of youngsters will get close-up to one of the most impressive and hi-tech working vehicles this week – as they take part in a growing education programme.

Silhouette of a domestic abuse victim. Picture: Andy Abbott

A project pledging to give extra support to domestic abuse victims in Suffolk has been awarded hundreds of thousands of pounds in government funding.

Suffolk Constabulary's headquarters in Martlesham Heath, where the 999 control room is based.   Picture: SU ANDERSON

Police in Suffolk have vowed to investigate why the force has the worst rate of abandoned 999 calls in the country.

Traffic on the Orwell Bridge. Picture: Lucy Taylor

A car has broken down in the outside lane which is causing problems for drivers heading towards Ipswich and Bury St Edmunds.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Newsletter Sign Up

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24