Insider Trading Charges For Ex-Morrisons Exec

The City watchdog has charged a former senior executive at supermarket group Morrisons over alleged insider dealing.

The Financial Conduct Authority (FCA) said Paul Gerard Coyle was charged with over two offences, contrary to Section 52(1) of the Criminal Justice Act 1993.

The FCA said the alleged offences related to Ocado share trades between February and March 2013.

Mr Coyle was first arrested late last year, as part of an investigation by the watchdog.

He was suspended by the supermarket chain in January.

Shares in Morrisons dropped 2.4% shortly after the announcement was made, while those in Ocado dropped by 2%.

Morrisons began using Ocado for its debut home delivery service in January.

It announced in the previous May a deal with Ocado for deliveries over a 25-year period.

Part of the deal included a £170m purchase of its distribution centre in Dordon, Warwickshire.

In a statement, Morrisons said 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," it said. "These accusations, if proven, would be the result of an individual acting alone."    

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