Regulator fines Sir Ken Morrison over share sale

 
City A.M. Reporter
The Financial Services Authority has fined Ken Morrison, former chairman of supermarket chain William Morrison Supermarkets £210,000 for failing to disclose a series of shareholdings in the company.

In a statement the FSA said Morrison, who retired in March 2008, had failed to disclose shares sales in 2009 and 2010 which reduced his holding in the company from 6.4 per cent to 0.9 per cent.

The FSA said Morrison, whose father founded the Bradford-based chain, had not financially benefited from the breaches but his failure to notify the company of the changes prevented it from updating the market in accordance with Stock Exchange rules.

"Investors are entitled to know when major and influential shareholders significantly reduce their interest in a listed company," said Tracy McDermott, the FSA's acting director of enforcement and financial crime.

"Ken should have been aware of his obligations and his failure to meet them has resulted in this fine," she added.