Rex’s big lie: Former chairman finally gives in

Former Rex executive chairman Lim Kim Hai has admitted ASIC’s market disclosure case against him mid-trial, conceding liability over allegations that he misled the market about Rex’s financial position and delayed disclosure of a projected $35 million operating loss before the airline entered voluntary administration in July 2024 with debts exceeding $500 million, leaving the remaining former directors to continue defending claims that they failed to meet their continuous disclosure duties.

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