By Marcus Leach
Sir Ken Morrison, the former chairman of supermarket group Morrisons, has been fined £210,000 by the Financial Services Authority (FSA).
The fine is for failing to inform the market when he reduced his shareholding in the supermarket chain, that his father founded, after his retirement in 2008.
Upon retiring Sir Ken had 6.38% of the voting shares, although that number was reduced to 0.9% in 2010. Although, according to the FSA, Morrisons had not been informed of the sales, and thus Sir Ken was fined.
The FSA guidelines state that notification should have been made when the holdings were cut below 6%, 5%, 4% and 3%.
Sir Ken's penalty was reduced by 30% because he co-operated with the investigation and agreed to a settlement at an early stage.
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