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A5 Technology Pty Ltd is a business which develops and sells new technology in the mining. Lee and Kim are two directors of the company and equal shareholders in the company. Kim has recently represented the company at an industry conference in Singapore. During the conference he was introduced to a leading distributor of GPS systems (GPS A5) used in the mining industry. GPS A5 is looking to acquire a company in Australia. Kim was told GPS A5 would pay 4 times the current value of the shares in A5 Technology and to start the relationship would pay Kim personally an initial fee of $300,000. Kim had previously worked for GPS A5 as their CEO and GPS A5 had been trying to reemploy Kim. Kim accepted the payment personally and advised them he would buy out Lee and be the sole shareholder, to simplify matters for them.
When Kim returned to Australia, he offered to buy Lee's shares at 2 times of it's current market value. Once Kim acquired the shares he then sold them to the GPS A5 for the agreed 4 times value.Lee discovered what Kim had done.
1. Discuss whether Kim has breached his duty to avoid conflicts of interest (both at General Law and Statutory Law) and what defences he may have, ifany.
2. Discuss whether Kim has a fiduciary relationship with respect to Lee. marks.
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