Mike is a director of ABC Limited, but he also has his own business and is a wholesale supplier of precious metals under the name of PM Limited. Six months ago a contract was entered into between ABC Limited and PM Limited for the purchase of goods amounting to €1 million from PM Limited. Mike was present at the board meeting that approved the contract and voted in favour of it, without revealing any link with PM Limited.Required:Analyse the facts, explaining any potential liability that Mike may have in relation to the sale of the precious metals to ABC Limited by PM Limited. (10 marks)
