A former executive at Wizz Air (W6, Budapest) has been fined by the United Kingdom’s Financial Conduct Authority (FCA) for failing to disclose trades in company shares during a restricted period before the airline filed financial statements in 2019 and 2020, the regulator said in a press release.
András Sebők, who worked at Wizz Air as a chief supply chain officer, received a fine worth GBP123,500 pounds (USD157,300) for his conduct. The sum includes a 30% discount that was granted to him after he agreed to settle the matter with the FCA.
“It was found that Mr Sebők traded Wizz Air shares in the restricted 30-day period leading up to the firm’s financial results announcements. Mr Sebők also failed to notify the FCA and Wizz Air of his personal trades in the company’s shares within the required three business days,” the authority said.
The former executive executed trades worth over GBP4 million (USD5.1 million) ahead of the publication of the financial results, a move that is prohibited for executives with knowledge of confidential company information that may influence the markets. However, the FCA noted that there was no evidence of insider trading in this case.
Sebők’s employment at Wizz Air ended in 2021, his LinkedIn account reveals. He is currently managing director of a renewable energy company in Budapest.
