The director of Rex airlines was aware of the airline's impending loss, but the board did not disclose it to shareholders, according to the regulator.
Rex Airlines directors, including a former federal transport minister, knew the failed airline was publishing an ‘unreasonable and unsupportable’ profit forecast before reversing course and revealing a $35 million loss in 2023, lawyers for the corporate regulator told a court on Monday.
In opening argument before the NSW Supreme Court, ASIC’s barrister said then-executive chairman Lim Kim Hai was aware Rex faced an operating loss in February 2023 but instead authorised a statement from Rex saying it was ‘optimistic the group will have positive operating profits’ for the fiscal year
Rex Airlines Profit Forecast Reversal Breach ASX Administration Albanese Government Liason Transport Brisbane ASPEN Ferrying
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