The former boss of regional airline Rex has admitted misleading investors by claiming the board was optimistic about delivering a profit, months before the carrier handed down a multi-million dollar loss.
In a surprise twist, former Rex executive chair Lim Kim Hai admitted the accusations levelled at him by the corporate watchdog in the NSW Supreme Court on Wednesday.
The Australian Securities and Investments Commission brought the case against Mr Lim and three other Rex directors, alleging they failed to amend a February 2023 statement citing profit optimism until just weeks before the end of the 2022/23 financial year, which resulted in a $31.7 million loss.
