Question
Nigel, Bryan and David are three directors of a gold mining company called New Jewel Sdn Bhd. The company purchased a piece of land in
Nigel, Bryan and David are three directors of a gold mining company called New Jewel Sdn Bhd. The company purchased a piece of land in Kelantan which they believe have gold. Since Nigel and Bryan were busy, they instructed David to hire a mining expert and conduct soil tests on the land. David contacted Jojo, a mining expert who then discovered that the land is rich with gold. David told Jojo to keep it as a secret and he'll pay 20% of the proceed to Jojo. David then inform Nigel and Bryan that the land had no gold. The company decided not to buy the land. David then bought the land and established a new company called New Diamond Sdn Bhd and made lots of profit. Later, Nigel and Bryan discover the truth. With reference to Companies Act 2016, advise the New Jewel company
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