 Wiseman supplies milk to several leading supermarkets |
The boss of one of the UK's largest dairy firms faces an investigation into why he sold shares in the business just before it was accused of price-fixing. Robert Wiseman sold shares in Wiseman Dairies last Tuesday, a day before regulators concluded it and five firms had colluded to agree milk prices.
The Financial Services Authority has now written to Mr Wiseman to ask him to explain the background to the sale.
Scottish-based Wiseman Dairies said it was satisfied he had behaved properly.
'Pure coincidence'
Mr Wiseman, who has worked for the business for 30 years, sold 500,000 shares in the Scottish firm on 5 September.
 |  We are satisfied that Robert Wiseman followed all of the appropriate procedures and protocols in relation to the sale of shares |
A day later, the Office of Fair Trading said it had provisionally concluded that Wiseman Dairies and five other firms had infringed competition law by sharing information about prices they were charging schools, hotels and shops for fresh milk.
Wiseman Dairies said it had not been informed of the regulator's findings, which it is contesting, before they were published and the proximity of the share sale was a pure coincidence.
"We are satisfied that Robert Wiseman followed all of the appropriate procedures and protocols in relation to the sale of shares," a company spokesman said.
The Financial Services Authority said it could not comment on specific investigations.
"Where there are potentially suspicious transactions, it is our policy to look at these," said a spokesman.
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