Supermarket boss arrested over insider dealing allegations
THE treasurer of Yorkshire supermarket chain Morrisons has been arrested at his Harrogate home over allegations of insider trading.
North Yorkshire Police last month arrested a 49-year-old man as part of an investigation carried out by the Financial Conduct Authority (FCA) into insider dealing and market abuse.
This morning national media named the man as Paul Coyle, group treasurer and head of tax at Morrisons.
Mr Coyle is alleged to have bought shares in Ocado, prior to business teaming up with the Bradford-based supermarket chain as part of a £216 million partnership to launch online retail and home delivery.
Following the deal shares in Ocado rose by 298 per cent.
Mr Coyle is not believed to have returned to work following his arrest. He has not yet been charged and is due to answer bail by March 19.
Morrisons and the FCA have declined to comment.
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."