REX's Chairman to concede he mislead market.

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Ex-Rex boss Lim Kim Hai to face penalties after conceding he misled market

Opening pars:

The former executive chairman of Rex has thrown in the towel after two days of hearings in the New South Wales Supreme Court about his role in deceiving the market about the airline’s true financial position.

At the start of proceedings on day three of hearings before Justice Ashley Black, Michael Borsky, KC, for the Australian Securities & Investments Commission, said Lim Kim Hai was “no longer contesting liability”.

ASIC had alleged Mr Lim knew Rex was on track for a significant loss when he authorised a statement to the ASX on February 28, 2023, claiming the airline was optimistic about a full year operating profit.