any strategies ??

  1. 2,794 Posts.
    Looks to re open at about 5c, what,s the prospects of this company, if any??

    This is just another example of the quality of OZ CEO,s?, have we inherited every smartasse from the WHOLE world here?--I just love it when a crook gets it back big time $26 mill, Jim, YOU LOST this time---

    At the helm ... the Pan founder Jim Selim, who built his pharmaceuticals empire from modest beginnings. Photo: Sahlan Hayes

    It is not the first time that Pan Pharmaceuticals or its founder, Jim Selim, have fallen foul of authorities. In 1976 Mr Selim appeared before the Pharmacy Board of NSW charged with professional misconduct.

    The charge - failing to include a substance in a manufactured item - related to his making of paracetamol tablets. Some batches contained no paracetamol.

    The board confirmed yesterday that Mr Selim had been found guilty of professional misconduct and suspended from practising as a pharmacist for three months.

    Two years earlier, in 1974, the Cairo-born pharmacist had launched his company with just four people. It would grow to 230 staff in four countries, and last year - with a personal fortune of more than $200 million - Mr Selim entered BRW's list of Australia's 200 richest people.

    The 1976 case, however, was not the end of his troubles.

    He had a run-in with the Therapeutic Goods Administration which led to Pan being fined a record $280,000 in 1996, although this was overturned on appeal. In a press release, the TGA then said Pan Laboratories, of Villawood, had been found guilty of an "evening primrose oil scam".

    During a routine inspection, its officers had uncovered capsules imported from an unapproved source in Thailand. "They discovered that Pan Laboratories had been placing the unapproved capsules into bottles labelled with the names of evening primrose products approved for supply in Australia and overseas. In all, 1.5 million unapproved capsules were seized ..."

    The press release quoted the Department of Health's chief medical officer, Dr Tony Adams: "Attempts by anyone to circumvent the system have the potential to severely undermine public confidence in the medicines and products available to them."

    The company was found guilty on 13 counts of illegally supplying and exporting therapeutic goods.

    But Pan maintained that the breaches were technical and argued the oil was a food and not a therapeutic good. It appealed and a new trial was ordered, but by last night the Herald had been unable to determine whether a new hearing had been held.

    Mr Selim also defended charges in the local court in 1985 of not properly storing and dispensing a particular medication.

    He did not return calls yesterday and could not be reached at his harbourfront home at Woolwich.
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