Ex-Rex chairman admits hiding news of airline’s financial woes
Former Rex Airlines executive chairman Lim Kim Hai has admitted to failing to disclose the airline's financial difficulties prior to its collapse. This admission came during a trial in the NSW Supreme Court, where he acknowledged all alleged contraventions against him. Rex Airlines, which faced significant losses and debts, is currently operating under new ownership.
- ▪Lim Kim Hai admitted to failing to disclose Rex Airlines' true financial state in 2023.
- ▪He signed off on a statement claiming the airline would have positive operating profits despite knowing of an operating loss.
- ▪Rex Airlines was placed into administration with $500 million in debts after recording a major loss.
Opening excerpt (first ~120 words) tap to expand
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.