The Australian Securities and Investments Commission (ASIC) reported that the New South Wales Supreme Court disqualified former Rex chief executive officer and executive chair Lim Kim Hai from managing corporations for four years and imposed an AUD 800,000 penalty. The orders concern his involvement in Rex’s continuous disclosure breaches and breaches of his directors’ duties. He must also pay a portion of ASIC’s legal costs. Lim admitted all contraventions alleged against him on May 20, 2026. He acknowledged failing to take reasonable steps to ensure Rex complied with its obligations when making an Australian Securities Exchange announcement on Feb. 28, 2023. He also admitted involvement in Rex’s subsequent continuous disclosure breaches. Justice Black characterized the admitted contraventions as serious and noted Lim’s senior role. ASIC brought proceedings against Rex, Lim and three former non-executive directors in December 2024. The court dismissed ASIC’s directors’ duties claims against those three directors and its alleged misleading conduct case against Rex. ASIC filed a notice of intention to appeal the dismissal of part of its case on Aug. 20, 2026.
Australian Securities and Investments Commission reports four year management ban and AUD 800,000 penalty for former Rex chief Lim Kim Hai
The Australian Securities and Investments Commission reported that the New South Wales Supreme Court banned former Rex chief executive officer and executive chair Lim Kim Hai from managing corporations for four years and imposed an AUD 800,000 penalty. Lim admitted breaches of his directors’ duties concerning Rex’s Feb. 28, 2023, exchange announcement and involvement in subsequent continuous disclosure breaches. ASIC previously filed a notice of intention to appeal the dismissal of other parts of its case against Rex and three former non-executive directors.