Morrisons has reportedly suspended its treasurer, Paul Coyle, over allegations of insider trading ahead of the announcement of the supermarket group’s tie-up with Ocado.
According to The Financial Times, an investigation by the Financial Conduct Authority resulted in the arrest of Coyle. Citing unnamed sources familiar with the matter, the FT said Coyle is thought to have misused privileged information concerning the deal between Morrisons and Ocado.
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In May last year, Morrisons announced plans to develop an online offering through a 25-year agreement to license Ocado’s technological platform.
Morrisons shares rose by around 1% on 17 May 2013, the day the venture was announced. Ocado shares increased 1.5%, having reached a high which was up almost 10% during the day.
Morrisons declined to comment on whether Coyle has been suspended. The FCA said it was unable to comment on ongoing investigations due to their “sensitive nature”.
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