Monday 20th January, 2014

Morrisons' Group Treasurer and Head of Tax, Paul Coyle has been accused of insider trading in relation to the company's deal with online grocer, Ocado.  Mr Coyle was arrested in December following an investigation by the Financial Conduct Authority.

As reported in The Telegraph, it's alleged that he bought shares in Ocado before it had been publicly announced that the two companies had agreed a lucrative deal to launch Morrison's online service.

Shares in Ocardo have gone up by 281% since the deal was announced on 14th March last year. After a difficult Christmas period, blamed in part on the lack of an online delivery service, the new venue is aimed at ensuring Morrisons is up to speed with rivals, Tesco, Asda and Sainsbury's. Ocado is running Morrisons new online service using its high-tech distribution warehouse in the Midlands and its automated systems.

Morrisons delivered its first online order on January 10.

Insider dealing is punishable by a fine or up to seven years in prison.