May 20, 2026 – 11.35amFormer Rex executive chairman Lim Kim Hai has confessed to a Sydney court that he misled the market and breached his legal duties by promising the embattled airline would make a 2023 profit, when it was in fact on track for a $35 million loss.In a dramatic reversal, announced in the NSW Supreme Court on Wednesday morning, Lim is no longer disputing the corporate watchdog’s allegations against him, and accepts he should face a fine and disqualification orders for his conduct.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles