Is it true that two different airlines can have the same IATA code?

Unfortunately it is true that two airlines can have the same IATA code. The airlines are generally in different regions. But it does happen since there are only a limited number of two-letter codes available.

From Wikipedia:

https://en.wikipedia.org/wiki/Airline_codes

"After an airline is delisted, IATA can make the code available for reuse after six months and can issue "controlled duplicates". Controlled duplicates are issued to regional airlines whose destinations are not likely to overlap, so that the same code is shared by two airlines. The controlled duplicate is denoted here with an asterisk (*) following the code and in IATA literature as well."