Interrupting his holiday in the Maldives to speak to journalists last night, Iceland executive chairman Malcolm Walker said he regretted selling £13.5m of shares in the UK frozen food retailer only weeks before the group reported a slump in December sales.

Walker is likely to be investigated by the Financial Services Authority - for the full story, click here.

The Daily Telegraph quotes Walker as saying: "I'm very aware of the consequences of this. It's obviously something I wouldn't have dreamt of doing. I would turn the clock back if I could. I believed when I sold those shares that the profit number was intact."

Earlier this week, Iceland revealed plunging profits, largely attributed to the failure of its organics program. To read a feature on this topic, click here.