Protector's Conflict of Interests Facts
Mr Pabst and Mr Van Rooyen entered into a joint venture to
develop mines in South Africa through a company known as Terret
Limited (the "Company"), of which Mr Pabst was a
director. The Company was owned 50% by the trustee of the VR Family
Trust, settled by Mr Van Rooyen for his family, and 50% by the
trustee of the Africa Trust, settled by Mr Pabst.
Centre Trustees (C.I.) Limited ("Centre") was
the trustee of the VR Family Trust. Mr Pabst was Protector and
Appointor of the VR Family Trust. Mr Van Rooyen was later killed in
a helicopter accident, leaving minor beneficiaries of the VR Family
Trust. Centre became concerned that the Africa Trust was receiving
greater benefits out of the Company than the VR Family Trust. Mr
Pabst also offered to purchase the VR Family Trust's share
in the Company at a substantial undervalue and he was also involved
in the sending of letters demanding repayment of certain loans from
the Company
