Monday 18 December 2006 – LAWFUEL – Law News Network – Mr James (Jim) Selim, the former Chief Executive Officer and Managing Director of Pan Pharmaceuticals Limited, was today committed in the Balmain Local Court in Sydney to face four charges brought by the Australian Securities and Investments Commission (ASIC). The charges relate to the provision of information by Mr Selim to the directors of Pan Pharmaceuticals between February 2003 and April 2003.
It is alleged Mr Selim gave information to the directors of Pan Pharmaceuticals that he knew omitted certain details, which rendered the information misleading in a material respect. This information relates to an investigation by the Therapeutic Goods Administration into Travacalm and Pan Pharmaceuticals. The case against Mr Selim follows an investigation by ASIC that commenced in April 2003. Mr Selim was charged in the Downing Centre Local Court on 28 September 2004, and his committal hearing began September 2005.
The committal was adjourned to February 2006 and then August 2006. The Australian Stock Exchange Limited assisted in this matter. Mr Selim is to appear in the NSW Supreme Court on 2 February 2007 when it is expected that a trial date will be set. The Commonwealth Director of Public Prosecutions is prosecuting the matter. For further information contact: Allen Turton Deputy Executive Director Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769