Naspers director scores R89m in sale of shares

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.