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An Australian airline has been fined tens of thousands of dollars, but said it was not wrong.
Regional Express has agreed to pay a fine to the company’s regulator, but insists that it has done nothing wrong.
In a statement to the Australian Securities Exchange, the national airline said it had agreed to pay A$66,000 because it failed to provide the market with information about plans to expand domestic travel on major metros.
Before Deputy Chairman John Sharp publicly announced the expansion of the airline network, the Australian Securities and Investments Commission fined Rex. The company notified the Australian Securities Exchange (ASX) in May last year.
According to Australian law, companies listed on the Australian Stock Exchange must first formally notify investors and the market of information that may affect their stock prices.
Rex believes that its announcement conforms to the ASIC and ASX agreements.
The company said in a statement: “Rex has always maintained a position to indeed comply with these obligations and will continue to comply with these disclosure obligations.”
Rex claimed that the payment was not an admission of responsibility or negligence and that ASIC could not initiate “civil or criminal proceedings” against the airline.
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