Aviation

Heads may roll after a court on Friday rejected the evidence of key Dexus employees at trial over a breach of APAC's shareholder deed, in a ruling that revealed some insiders suspected the "embarassing blunder" would come back to bite.

An ASX statement from budget airline Rex that was optimistic about its 2023 profit prospects should have been corrected by April, ASIC has told a judge, disputing claims that the statement was not a forecast but merely an expression of what the board hoped for. 

ASIC has wrapped up its case against regional airline Rex without evidence from its former executive chairman, who reversed course this week and admitted he misled investors and breached his directors duties.

United Petroleum has won its case against the operator of Perth Airport claiming it was induced to enter a $900,000 lease and construction agreement with promises of redevelopment at the site, which is now in doubt.

The former executive chairman at regional airline Rex has admitted ASIC’s claims that he misled investors about the company’s position and breached his directors duties and may give evidence for the corporate watchdog, a court has heard. 

Four directors of regional airline Rex are set to decide this week whether they will remain silent in the face of allegations by the corporate regulator that they misled investors about the company’s financial position. 

Lawyers running a class action against Qantas over flight cancellations during COVID-19 will take home $15 million from a $105 million settlement, while the funder is set to receive another $25 million, a court has heard.

Cairns Airport has failed to convince a judge to split off the hearing of a counterclaim and set-off defence in its unpaid licence fee case against Ampol and Viva Energy. 

Lawyers assured two Dexus executives that it was OK to share the confidential information of Melbourne Airport operator APAC with proposed purchasers of the real estate asset manager's stake in the company, a court has heard.

Vietnamese airline VietJet has lost its bid to set aside a US$215 million judgment in favour of aircraft leasing company FW Aviation, in a dispute over a lease agreement for four Airbus A321 passenger jets.