Surely it is up to the individual not to exceed the mandatory legal limit set down by the local GCAA. Unless the company can show that the law has been changed it would have ramifications both for the individual and the company concerned.
Well the big question is whether this is the company being aggressive without the acquiescence of the GCAA in which case we may see a "clarification" or whether they have the approval to apply the regulation as they have. As far as individuals asserting their own interpretations of the CAR's, that's where it gets fun being an expat with "limited rights". Even if guys do refuse to fly 120 hour months of "factored" time, I'm sure there will be plenty more who will be only too happy to take the paycheck. I just hope I'm not in the back of their airplane.