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Former Morrisons executive charged

A former executive at supermarket chain Morrisons has been charged with two offences of insider dealing, the City regulator said today.

Paul Gerard Coyle, who is 50, is the former treasurer and head of tax at the Bradford-based supermarket business.

The Financial Conduct Authority (FCA) said the offences relate to trading in Ocado Group plc shares between February and May 2013.

Morrisons has used Ocado's technological know-how to make its belated debut in internet deliveries, which finally began in January this year.

It announced the previous May that it had signed a 25-year deal with Ocado to acquire its distribution centre in Dordon, Warwickshire, for £170 million and use its technology. Ocado shares rose sharply following the deal.

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