international
Rex Airlines breached continuous disclosure obligations
Key takeaways
- ASIC also went after the company's former directors.
- Former executive chair, Lim Kim Hai had previously admitted to all alleged contraventions against him and accepted he should face a pecuniary penalty and disqualification orders for his conduct.
- The court found that Rex failed to meet its disclosure obligations by not sharing market-sensitive information that forecast a $35 million profit downgrade in June 2023 in a timely manner.
Why this matters: an international story with cross-border implications worth tracking.
Rex has been sued by ASIC. (ABC News: Andrew O'Connor )
Link copied Share Share article Rex contravened its continuous disclosure obligations and misled the market, the NSW Supreme Court found on Tuesday.
Rex Airlines was sued by corporate watchdog ASIC over allegations the airline misled the market about its financial position and engaged in "misleading and deceptive conduct" and contraventions of continuous disclosure obligations.
Article preview — originally published by ABC Australia. Full story at the source.
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