ASMALLWORLD AG (SWX:ASWN): Statement on the sanction decision of the SIX Exchange Regulation
Zurich, 28.07.2020 - Earlier today, ASMALLWORLD AG was sanctioned by the SIX Exchange Regulation for violations of the rules on the disclosure of management transactions, marking the conclusion of an investigation which was announced on 13 June 2019. The company has taken comprehensive measures to address the shortcomings by upgrading its internal reporting system. Members of the Board of Directors have agreed to pay the resulting fine of CHF 20'000 from their private accounts.
Today, ASMALLWORLD AG was sanctioned by SIX Exchange Regulation for violations of the rules on the disclosure of management transactions.
The events that led to these sanctions took place between 14 September 2018 and 16 May 2019. The investigation was first announced on 13 June 2019 and concluded with today's decision.
SIX Exchange Regulation concluded that ASMALLWORLD AG had not properly established and maintained an adequate internal reporting system, which had led to at least two delays and late publication of management transactions.
The company regrets the circumstances that led to this outcome but fully accepts the decision by SIX Exchange Regulation and the resulting sanctions.
Since these shortcomings where discovered, ASMALLWORLD took immediate and comprehensive measures to improve its internal reporting system, which are reflected in simpler processes, clearer responsibilities and in additional control mechanisms.
Members of the Board of Directors have agreed to pay the fine of CHF 20'000 from their private accounts, so the company and its shareholders will not be burdened with any additional costs resulting from these sanctions.
This press release and further information can be found at www.asmallworldag.com.
The ASMALLWORLD Group
ASMALLWORLD is the world's leading travel & lifestyle community, focusing on experiences: the modern-day definition of luxury.
Centred around the ASMALLWORLD social network, the company operates a digital travel & lifestyle ecosystem which inspires members to travel better, experience more and make new connections.
Members of the ASMALLWORLD social network connect through its app and website, where they can meet other members, book hotels, receive travel and lifestyle inspiration, and enjoy a wealth of travel privileges.
Members also meet in person at over 1'000 global ASMALLWORLD events every year, ranging from casual get-togethers in major cities around the world to flagship weekend experiences hosted in iconic destinations such as Saint-Tropez and Gstaad.
Other businesses of the ASMALLWORLD travel & lifestyle ecosystem include:
ASMALLWORLD Collection, an online hotel booking engine focused on the world's best hotels, offering the unique "ASMALLWORLD Preferred Rate" (expected to go live in July 2020)
ASMALLWORLD Private, a high-end travel agency offering personalised travel curation service
ASW Hospitality, a hotel management company that operates and manages the iconic North Is-land resort in the Seychelles
First Class & More, a subscription-based smart luxury travel service that allows members to enjoy luxury travel at insider prices
The World's Finest Clubs, the world's leading nightlife concierge offers its members VIP access to the most exclusive nightlife venues around the world
For more information, please visit:
Jan Luescher, CEO