Sorry - where is the report that he lost an engine? I didn't come across this anywhere - did he report this to ATC?
As for aging GA twin pistons in charter - are they safe. The immediate question has to yes. They were thought to have been at some point in time otherwise they would not be allowed to operate. Are they safer than newer modern turbine aircraft - of course not.
Do we see Kevin 747 riding pistons? Or the NSW state premier give up her chartered Twin Turbines for a Twin piston?
NSW Premier Kristina Keneally slated for $4m spending spree | News.com.au
Perhaps if the government had to use them then the laws might be changed.
The fact is where cost is an issue the cheapest option ALWAYS wins. (Unless your an asylam seeker
Private VIP jets transport asylum seekers)
To those involved my deepest sympathies. And to all my fellow pilots out there be careful! Especially if the aircraft is older than you!