James has had an excellent career in one of SA’s largest hospital groups. He is now an executive director and at 55 is starting to think about stepping down from his position to concentrate on some of his outside business interests.
He has various businesses, mostly run by family members who approached him for financing, and he holds 30% in each through a holding company he set up in Mauritius. All profits from the businesses — which in the previous financial year amounted to US$13.7m — have been invested in a family trust in Guernsey.
Locally a substantial amount of his wealth is tied up in his hospital group in the form of stock options and shares currently worth a combined R45m. His plans depend on the value of his exposure remaining constant.
James is in his second marriage with an antenuptial agreement in place and has three children who are all independent. He no longer has any financial obligations to his ex-wife. He owns two homes outright that are collectively worth R5m.
His two main concerns relate to his local and offshore interests. In SA, he would like to exit his large exposure to his hospital company while protecting its value. In Guernsey, he believes he has not broken any laws as this is what his financial adviser at the time told him, but he is not too certain about it and needs legal advice on the matter.