The Australian Securities and Investments Commission (ASIC) has commenced legal proceedings in the Supreme Court of New South Wales, accusing Rex Airlines of engaging in “misleading and deceptive conduct”, as well as failing to meet disclosure requirements. 

In a press release published on December 11, 2024, Joe Longo, ASIC Chair, said that four board director members of Rex Airlines, Lim Kim Hai, John Sharp AM, Lincoln Pan, and Siddharth Khotkar, “failed to take steps to ensure the market had accurate information about the company’s financial performance.”  

ASIC also alleged that Rex made a misleading announcement on the Australian Securities Exchange (ASX) on February 28, 2023, claiming that the company was “optimistic the Group will have positive operating profits for the full fiscal year of 2023 barring any further external shocks.” 

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