A 64-year-old Belgian man is facing charges after he allegedly sold shares in a company without the approval of the Securities Commisison of The Bahamas.
Jean Paul Michielsen, who has permanent residency, is accused of selling a 75 percent interest in Pharmasimple, trading as MiCo Consult LLC, to Michael Willems on August 28, 2021 for £7 million.
Michielsen pleaded not guilty to a charge of unlawful distribution of securities at his arraignment before Magistrate Kendra Kelly-Burrows.
He was granted $15,000 bail and has to wear an ankle bracelet and report to police three times a week.
The matter was adjourned to July 15 for a fixture hearing.
Sergeant 260 Vernon Pyfrom was the prosecutor.
