ASIC seeks leave to appeal NSW Supreme Court decision against former Rex non-executive directors

ASIC is seeking leave to appeal a NSW Supreme Court decision clearing three former non-executive directors of Regional Express Holdings (Rex), John Sharp, Siddharth Khotkar and Lincoln Pan, of breaching their directors’ duties in connection with a February 2023 profit forecast, arguing that the primary judge made errors despite finding that Rex breached its continuous disclosure obligations, while former CEO and executive chairman Lim Kim Hai was separately disqualified for four years and ordered to pay an $800,000 penalty after admitting directors’ duties and continuous disclosure contraventions, marking a further development in the fallout from the airline’s July 2024 voluntary administration and subsequent sale to US-based Air T.

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