Corporate Travel Management (CTM) has rejected a recent media report claiming its Asia CEO unloaded $3.5 million worth of shares in the company.
According to The Australian Financial Review’s article, Larry Lo held 161,632 shares in CTM until 15 January, when he allegedly sold them all for $3.5 million during a trading blackout, which is noted in the article as being against CTM’s trading policy.
“It appears that just as the coronavirus was sucking the life out of Corporate Travel’s Asia arm, its boss cashed in every share he owned during a blackout in trading,” the article reads.
“At any reputable public company, grounds for immediate dismissal.”
However, CTM issued a statement this morning hitting back at the report by AFR columnist Joe Ashton.
“Corporate Travel Management categorically rejects the false statement made in today’s Australian Financial Review (AFR),” the company said.
“CTM confirms Asia CEO Larry Lo continues to own 161,632 CTD shares and this information was advised to the AFR ahead of publication.”
The drama comes not long after the company revealed a double-digital fall in profit for the first half of the 2020 financial year. CTM also issued a warning to investors on the impact of coronavirus on its future performance.