Wizz Air top executive ousted for secret share trading

posted on 29th October 2021 by Eddie Saunders
Wizz Air top executive ousted for secret share trading

By Amy O’Brien | cityam.com

Wizz Air’s chief supply chain officer has been fired after an investigation by regulators found that he had been secretly trading shares in the FTSE 250-listed airline for more than a year.

Andras Sebok bought and sold shares in 114 different transactions between early April 2019 and the beginning of November last year, without notifying the Financial Conduct Authority (FCA).

The budget airline revealed last night that upon discovering his dealings from the regulator, it had terminated Sebok’s employment “with immediate effect”.

In a humiliating admission in a filing to the London Stock Exchange, Wizz Air said that Sebok “did not make any notification to the company in accordance with applicable regulatory obligations and the company’s policies”.

The Hungarian-based carrier said that it had only discovered the filings due to an inquiry into trading of its shares by the City watchdog.

“The company will continue to cooperate with the FCA in relation to any further enquiry or investigation. The company is unable to comment further,” Wizz Air added.