Morrisons boss held in shares probe

A senior Morrisons employee has been arrested over allegations of insider trading reportedly in relation to the launch of its online grocery operation with Ocado

Paul Coyle, group treasurer and head of tax at the Bradford-based supermarket, was held last month in Harrogate, North Yorkshire, as part of an investigation by the Financial Conduct Authority (FCA).

According to the Daily Telegraph, the allegations relate to dealing in Ocado shares before the tie-up between the two retailers was announced. The agreement has sent the stock soaring.

The newspaper said Coyle, who has not been charged, has not returned to work since the arrest. Morrisons is using Ocado’s technological know-how to make its belated debut in internet deliveries, which finally began earlier this month.

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