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Last week, the Greek government was forced to nationalize Proton Bank to save it from bankruptcy. Today, Vima newspaper reports that the pharmaceutical empire of Greek businessman Lavrentios Lavrendiadis, who has a residence in London, is falling apart. Alapis owes about € 1 billion to various banks and is the exclusive supplier of medicines and medical supplies for most Greek public hospitals.

Last year, Alapis was re-registered as an investment fund based in London. Bulgarian businessman Mario Al-Jebouri had shares in it but sold them a few weeks ago. For the first six months of 2011, Alapis owes maturing loans worth € 800 million to three banks - The Royal Bank of Scotland, the Greek Emporiki Bank and the National Bank of Greece. The company owes another € 150 million to other financial institutions. The Greek state has outstanding obligations to Lavrendiadis of about € 100 million.

Alapis is in a "financial hole", its employees have problems with the payment of salaries, and the administration of the company has conflicts too. The greatest problem is the risk of suspending supplies to Greek hospitals, which are implemented by the company Gerolymatos, which is unable to cope with its obligations. Due to the total collapse of the Athens Stock Exchange, but also because of the state of Alapis itself, its shares reached € 0.05 and on Tuesday marked a 28% decline in one day. On Wednesday, despite the soaring stock market, Alapis shares remained at the same level.

Lavrentios Lavrendiadis’ pharmaceutical empire supplies the Greek health system with drugs for cardiovascular diseases and diseases of the circulatory system, diabetes, dermatological and urological diseases, psychiatric and neurological diseases, cancer and haematological diseases, paediatric and eye diseases, respiratory problems, allergies. The company is a major supplier of medical supplies such as bandages, splints, prostheses, thermometers, sphygmomanometers, all orthopaedic materials, baby supplies, baby milk, children's cosmetics, dietary supplements, vitamins, contact lenses, dental supplies and much more.