(Alliance News) - Wizz Air Holdings PLC on Thursday said it has with "immediate effect" ended the employment of its chief supply chain officer who did not notify the company of previous dealings of its shares.
Andras Sebok made numerous sales and purchases of the Budapest-based low-cost airline's stock between April 2019 and November 2020 and did not notify the company, according to a regulatory filing on Thursday.
Included in the dealings were roughly GBP400,000 worth of purchases and GBP300,000 of sales in September of last year.
Wizz Air said: "The company was unaware of these transactions at the time that they occurred as the [person discharging managerial responsibilities] did not make any notification to the company in accordance with applicable regulatory obligations and the company's policies. The company was subsequently made aware of the transactions in the context of an FCA enquiry concerning trading by the PDMR, and therefore makes this announcement accordingly.
"The company maintains robust systems and controls in relation to employee share dealings, including a clear PDMR share dealing policy, which was breached in this case. Employment of the relevant PDMR has terminated with immediate effect and the company will continue to cooperate with the FCA in relation to any further enquiry or investigation. The company is unable to comment further."
Sebok took on the role of chief supply chain officer in April 2019. Prior to that, he held finance roles with Wizz Air.
Wizz Air shares closed 0.6% higher at 4,630.00 pence each in London on Thursday.
By Eric Cunha; ericcunha@alliancenews.com
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Wizz Air (WIZZ)