Partly Cloudy

Partly Cloudy

max temp: 8°C

min temp: 5°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.

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

Air Training Cadets corps parading through Felixstowe to mark 75th anniversary of the movement

A number of air training cadets paraded through a Suffolk coastal town this morning to mark 75 years of the movement.

Town fans at QPR's Loftus Road ground on Saturday

There was late heartbreak for Ipswich Town’s 3,000 travelling fans as the Blues went down 1-0 at Queens Park Rangers.

Swans - outrage as swans killed in Sudbury Meadows

Police are investigating after a swan was allegedly killed and its body dumped in a hedge on the Sudbury meadows.

Major-General Townshend, Khalil Pasha and other unidentified officers after the surrender of the Kut garrison in 1916

The siege of Kut-al-Amarah... It hasn’t been looking good for the allied soldiers. Can they turn the tables? Mike Peters Galloway’s resident military historian, discovers what happened next in Mesopotamia (modern Iraq) 100 years ago

Bev Lambert, left, of the Over The Rainbow charity with the Moore familiy - Sarah and Kevin Moore with children Curtis (15), Ellie (12), Bethany (7) and Rhys (4).

An appeal to help a Suffolk family coping with a severely autistic child who is unable to sleep through the night has reached its target – after an anonymous donation for the full amount.

Charity evening on the ice at Winter Wondeland in Colchester

Suppliers, small businesses and individuals have “little chance” of getting any of the quarter of a million pounds they are owed from the collapse of Colchester’s outdoor ice rink.

Freston Tower

Dendrochronology is the scientific art of dating timber by comparing the patterns in the end grain of a sample from the building in question with the known growth of typical trees at the time, writes John Norman, of the Ipswich Society.

Tracy Root with Ruff and Tumble... or Tumble and Ruff. 'I definitely love cats as much as dogs, but I think dogs give you more back than a cat'

The BBC has set the cat among the pigeons with the launch of a short series with a provocative title – Cats v Dogs: Which is Best?

QD Stores logo

A man has been arrested on suspicion of causing a disturbance at an Ipswich branch of QD.

Ipswich Hospital has bought the old Bridge School site for development.

Ipswich Hospital’s redevelopment plans have received a major boost after it bought the site of the former Bridge School on Heath Road.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Great British Life

Great British Life
MyDate24 MyPhotos24