Former boss charged with insider trading
There was more unwelcome controversy for Morrisons and Philips to deal with when its former treasurer and head of tax was charged with two offences of insider trading by the Financial Conduct Authority in September.
Paul Coyle was suspected of buying shares in Ocado before its £216M distribution partnership with Morrisons was announced. Shares in the online retail and distribution business rocketed after the deal was revealed in May 2013.
Coyle was suspended from the retailer in January 2014. The supermarket was understood to have started negotiations with Ocado in March 2013.
Morrisons said in a statement: “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.”