The corporate watchdog's case against regional airline Rex and its former directors over an optimistic and ultimately incorrect profit forecast has major evidence gaps, a court has heard.
The Australian Securities and Investments Commission has alleged four former Rex directors misled the market in statements claiming the board was confident of a strong financial result, months before handing down a $31.7 million operating loss.
In delivering his closing argument for two of the directors on Tuesday, barrister David Thomas SC argued the commission's case leaned heavily on evidence against the company rather than the board itself.
