Supermarket veteran Sir Ken Morrison is close to reaching a settlement with the FSA over non-disclosure of share sales.
The Morrisons founder is expected to pay a £210,000 fine according to The Financial Times. The fine is understood to have been reduced because Morrison agreed to settle early.
It emerged in March that Morrison, who retired from the grocer in 2008, had cut his remaining stake in the supermarket from just over 6% to under 1% in a series of transactions from September 2009 to June 2010. The sale roughly halved the wider Morrison family stake to approximately 9%.
Under FSA rules shareholders with more than a 3% stake have two days to inform the company when their holding moves a percentage point level.
No comments yet