Sir Ken Morrison fined £210k

Former Morrisons chairman Sir Ken Morrison has been hit with a £210,000 fine for failing to disclose his reduced shareholding and voting rights to the company and investors. The 79-year-old businessman, who spent more than 50 years turning the business into the UK's fourth largest supermarket chain, reduced his stake in the company from 6.38 per cent to 0.9 per cent after he stepped down in 2008. But he was today fined by the Financial Services Authority after he failed to inform the supermarket chain that he had reduced his holding in the company after selling millions of pounds in stock.