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Troubled regional airline Rex has been accused of misleading and deceptive conduct by the corporate regulator. The Australian Securities and Investments Commission is taking the carrier to the NSW Supreme Court, after further alleging Rex contravened its continuous disclosure obligations. The commission is pursuing former executive chair Lim Kim Hai over the disclosure breach, claiming Lim and board members John Sharp, Lincoln Pan and Siddharth Khotkar contravened their directors’ duties.
Rex entered voluntary administration in July, with its businesses around $500 million in debt across the five groups in the organisation. Nominally a regional carrier, the airline made an aggressive push to compete on key capital-city routes against industry heavyweights Qantas and Virgin in 2021. It has struggled financially since, reporting a bottom-line net loss of $3.2 million for the first half of the 2023/24 financial year.
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