Hypothetical 5000 Ltd ("Hypothetical 5000") is an Australian listed company. Bob is a director of Hypothetical 5000. Bob wants to take advantage of his position to make the members of his family richer. Bob has a daughter whose first name is Ann. Ann married two years ago and took her husband's family name. Ann owns an aeroplane; the market value of the aeroplane is approximately $3 million. Bob wants Hypothetical 5000 to buy the aeroplane from Ann for $6 million, so Ann will become wealthier by selling the aeroplane.

Bob says in a board meeting that it is very important for Hypothetical 5000 to have an aeroplane and he convinces the board to approve the company's purchase of Ann's aeroplane at a price of $6 million, without mentioning that the seller is his daughter. In fact, the members of the board never knew that the seller of the plane was Bob's daughter.

(a)Discuss whether Bob breached statutory provisions relating to conflicts of interest.In your answer: consider and describe all the issues of the problem; show understanding of what the relevant law is and how it applies to the factual situation; provide your reasoning and analysis; and provide your conclusions.(16 marks)