The board of of a business sends a director as its representative…

The board of of a business sends a director as its representative to the annual Conference. In between one of the conference sessions, the director meets up with an individual, who advises that the directors business might be interested to know that there is a fantastic opportunity to purchase a property. Later during the conference, the director meets up with the Managing Director to find out about the property. After getting back from the conference, the director registers a company, in which they own all the shares and of which they are the Managing Director. With this new company, the director purchases the property and in the first year makes a profit of $500,000.
What is the specific issue here citing statutory and relevant case-law authority.

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