company set up as joint venture between two other Companies owned by H and K
was MD of plaintiff company.
company involved in negotiations for mining licenses.
before licences issued, K and his company ran into financial difficulties and
pulled out of venture.
then took licences in his own name.
later resigned as MD of plaintiff company and formed his own new company which,
at considerable risk, exploited licenses and made profits.
Council held [Australian case]:
Although opportunity to make profits had come to H
through his position as MD of plaintiff company, since board of plaintiff
company had known of H’s interest at all times and had resolved a year after
licenses were issued not to pursue matter further, H was not accountable for