Australian court finds collapsed airline Rex breached market disclosure laws

The NSW Supreme Court has found that REX breached its continuous disclosure obligations by maintaining a February 2023 forecast of positive FY23 operating profit after it no longer had reasonable grounds for doing so, in a ruling that follows former executive chair Lim Kim Hai’s admissions of related directors’ duties and disclosure contraventions and comes after Rex’s 2024 voluntary administration and subsequent sale to Air T.

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