A lot of people knew what we were going to tip, it was that kind of atmosphere, it was very, very open.

Anil Bhoyrul

Mr Morgan has denied knowing that the Mirror was featuring the Viglen shares and said it was coincidence that he made the purchase.

He has since sold the shares and promised to give his profits to charity. An internal investigation by the newspaper's owners, Trinity Mirror, cleared him of any wrongdoing.

Mr Bhoyrul told the BBC: "I think a lot of people knew what we were going to tip, it was that kind of atmosphere, it was very, very open.

Editor Piers Morgan: PCC verdict due

"On Viglen I think the reason a lot of people bought shares in it was because they knew the story was coming out in the paper the next day."

He added that Mirror staff were asking about the Viglen story "as I was writing it, before it was published".

Mr Bhoyrul said he expected to be criticised by the PCC but that he had presented his account of what had happened.

"This is not the Mirror internal inquiry where you say the right things to the right people, this is the PCC," he said.

Both Mr Bhoyrul and Mr Hipwell - the Mirror's "City Slickers", were sacked for gross misconduct over their share-dealing activities.

It is understood that the Department of Trade and Industry may be carrying out an investigation.