Steve Pacak, a former finance director of Naspers, scored a pre-tax profit of R89-million when he sold 50 000 of his Naspers shares a week ago. Assuming Pacak, 59, who is now a nonexecutive director, has a straightforward tax profile, his after-tax income on this windfall is around R75-million. Pacak's huge profits reflect a combination of the dramatic recent rise in the Naspers share price and the favourable tax treatment of gains on share options.The 50 000 shares had been granted to Pacak in August 2006, when Naspers shares were trading at about R125 so would have cost him R6.25-million.mini_story_image_vleft1When this block of shares vested three years later, in August 2009, Naspers was trading at R255 and the shares were worth R12.7-million, generating a pre-tax profit of R6.45-million. Profit on this leg of the transaction is taxed as income, which means Pacak had a tax liability of R2.6-million. None of this is too remarkable.The remarkable part came in the ensuing six years, when the Naspers share price surged to R1900. This means the block of shares that Pacak paid R6.25-million for in 2006 are now worth R95-million. And, having paid income tax when the shares vested, Pacak now only has to pay 13.3% capital gains tax on the R82.3-million by which his 50000 shares have increased.This is the third batch of shares Pacak has sold in recent months. At the end of December last year, he sold 15000 in a deal valued at R21.8-million, and, in the first week of January, sold an additional 10000 shares for R15-million.The latest sale leaves Pacak with a still-substantial investment in Naspers. He continues to hold just under a million shares, which at current prices are worth almost R2-billion.story_article_right1But even this huge sum pales in comparison to the value of chairman Koos Bekker's holding of 16.4-million Naspers shares. That stake is worth more than R31-billion. Bekker, who was CEO of Naspers from 1997 until his retirement in March last year, became chairman of the group in March this year.Bekker is renowned not merely for driving the phenomenal surge in Naspers's value but also for his unique remuneration arrangement. Since the late '90s, Bekker has received no remuneration from Naspers - "in particular, no salary, bonus, car scheme, medical or pension contributions of any nature are payable", said the 2012 annual report.During his tenure as CEO, he was employed on the basis of five-year contracts and awarded about four million Naspers shares for each contract.While the Tencent investment, championed by Bekker, has boosted the Naspers share price to undreamt-of levels, the share price performance was not always as blindingly bright. In the early 2000s, the dotcom crash dropped the Naspers shares below the price at which they had been allocated to Bekker. This meant he was out of the money spent on the shares and without a salary. He did have dividend income.Also unusual is that Bekker appears not to have sold any of the shares he has been allocated over the years...