May 18, 2026 – 4.36pmRex’s executive chairman knew the embattled airline was on track for a $35 million loss but still green-lit a market update predicting an annual profit, the corporate regulator has told a court, on day one of its civil action against the carrier’s former board members.The Australian Securities and Investments Commission is accusing former executive chair Lim Kim Hai of misleading the market and breaching his legal duties over the February 2023 update, which announced management was “optimistic” Rex would record “positive operating profits” for that financial year.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles