Iceland’s PLAY Airlines has agreed to pay a settlement offer from the Financial Supervisory Authority of the Central Bank of Iceland (FSA) totalling 15.8 million Icelandic Krona ($118,500), following an investigation into whether the airline withheld the disclosure of financial information.
The airline said that in 2022 it reported financial results showing lower revenue and a projected loss for the second half of the year.
The FSA believed that PLAY delayed releasing this important information, stating that the company saw the data on October 27, 2022, but disclosed it one week later on November 3, which they considered “too late”.
The FSA said it believed this information should have been disclosed in the public domain earlier, as this could have influenced the airline’s stock price.
PLAY argued that this was not “inside information” as it was based on general forecasts and would not likely affect stock prices.
Throughout the course of the FSA’s investigation, PLAY stated that it fully cooperated and provided access to all relevant documentation that contributed to this outcome.
The airline and the FSA settled the dispute by paying the fine of 15.8 million Icelandic Krona ($118,500), closing the case against the airline.
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