Formal Briefings To The Treasurer And Assistant Treasurer, Including Their Offices, On Asic's Investigation Into Regional Express And The Four Directors.

Written by Claude Haiku 4.5 from the extracted text on 27 Feb 2026. It can miss or misread redacted and scanned pages. Check the source before relying on it.

ASIC briefed the Treasurer and Assistant Treasurer on 31 July 2024 regarding its ongoing investigation into Regional Express Holdings (REX) and four directors for alleged continuous disclosure breaches. The investigation concerns whether REX's February 2023 profit guidance for FY2023 had a proper basis and whether a subsequent $35 million loss disclosed in June 2023 should have been announced sooner. ASIC expressed increasing concerns about governance and the directors' ability to discharge duties. The briefing occurred as REX entered voluntary administration and its shares were suspended. ASIC committed to continuing its investigation, engaging with REX's voluntary administrator, and observing creditor meetings. The document notes PAG Asia Capital held board representation on REX and had provided $120 million in convertible note funding. No enforcement proceedings had been initiated at the briefing date, and no timeline for potential action was disclosed.