Wizz Air Exec Fined for Share Trading Violation

A former executive at Wizz Air, András Sebők, has been fined GBP 123,500 (USD 157,300) by the United Kingdom’s Financial Conduct Authority (FCA) for failing to disclose trades in Wizz Air shares during a restricted period. This fine relates to Sebők’s actions before the airline published its financial statements in 2019 and 2020, according to an FCA press release.

Sebők, who served as the chief supply chain officer at Wizz Air, was found to have traded shares in the airline during the 30-day period before the company’s financial results announcements. As part of the penalty, Sebők received a 30% discount on the fine after agreeing to settle the matter with the FCA. The trades, which amounted to over GBP 4 million (USD 5.1 million), were made during a time when executives are prohibited from trading company shares due to their access to sensitive financial information that could influence the market.

The FCA found that Sebők failed to notify the authority and Wizz Air about his personal share trades within the required three business days, a violation of regulatory requirements for executives. However, the FCA clarified that there was no evidence to suggest that Sebők engaged in insider trading—an illegal practice where an individual uses confidential, non-public information to profit from trading.

Sebők’s involvement in the case comes after his tenure at Wizz Air, which ended in 2021, as indicated on his LinkedIn profile. Currently, he is serving as the managing director of a renewable energy company in Budapest.

The FCA’s investigation underscores the importance of transparency and compliance with trading regulations for executives, especially when they have access to confidential financial information. While Sebők’s actions did not amount to insider trading, the penalty highlights the strict rules surrounding share trading during restricted periods for individuals in positions of authority within public companies.

This case serves as a reminder to other executives and corporate leaders about the importance of adhering to disclosure requirements and avoiding trading during periods when sensitive company information could impact market behavior.

Related News : https://airguide.info/?s=Wizz+Air

Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com