Ken Morrison fined for share sale secrecy

Sir Ken Morrison, the former boss of the Morrisons supermarket chain, was fined £210,000 by the Financial Services Authority yesterday for failing to disclose publicly when he sold most of his shares in the group.

The FSA said Morrison, 79, who retired in March 2008, had failed to reveal a series of share sales in 2009 and 2010 that cut his holding to 0.9 per cent from more than 6 per cent. It was only made clear to the markets in March 2011.

The FSA said Morrison, whose father founded the Bradford‑based chain, had not benefited financially but his failure to notify the company of the changes prevented it from updating the stock market in line with stock exchange rules.

Tracey McDermott, the regulator’s acting director of enforcement and financial crime, said investors were entitled to know when major shareholders significantly cut their stake in a listed company. “Ken should have been aware of his obligations and his failure to meet them has resulted in this fine,” she said.