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Mario Al-Jebouri sold his share in the pharmaceutical empire of Lavrentis Lavrendiadis Alapis. As announced officially from the Athens Stock Exchange, 15.206 per cent of the company's shares owned by Al-Jebouri were sold to the Latemar Capital Limited in London.

Mario Al-Jebouri has resigned from the board of Alapis. Nikos Mourkogiannis was elected in his place as Vice-Chairman of the Board and executive member. Kibaridis Stylianos, who was the CEO of the company, has also left the governing body of the company. Nikos Mourkogiannis will take his place too. The Board’s mandate ends on May 10, 2012.

Nikos Mourkogiannis is one of the most famous Greek financiers. He has worked as managing director and president of major international and American companies for more than 25 years. He has come in Alapis from Roland Berger Strategy Consultants GmbH. He graduated from the Law School of the Athens University and has a MBA degree from Harvard University.

Lavrentis Lavrendiadis’ pharmaceutical empire reported a loss of € 167.4 million for the first six months of 2011. For the same period last year, it had profits of € 25.1 million. The total business volume of Alapis dropped 19.7 per cent and now amounts to € 339.6 million. In recent weeks, Lavrentis Lavrendiadis is under investigation by the Greek justice for any illegal activities and "drawing" the Proton Bank managed by him. He is accused of lending to his own companies under conditions that could cause property damage to the bank depositors.

Alapis currently is in the process of shrinking its activities outside Greece and it is proceeding with the sale of its subsidiaries in Bulgaria, Croatia, Romania and USA. The official explanation is "because of the global economic crisis."

Mario Al-Jebouri is a former manager of the State Agency for Tourism. His brother Gatti Al-Jebouri was a member of the government of Simeon Saxe-Coburg, responsible for the energy sector. Their mother is Bulgarian and their father is Iraqi.