A debt of 7 billion pounds .. The secret of the bankruptcy of 19011 pharmacies in Egypt

A debt of 7 billion pounds .. The secret of the bankruptcy of 19011 pharmacies in Egypt
A debt of 7 billion pounds .. The secret of the bankruptcy of 19011 pharmacies in Egypt

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The Economic Court in Egypt issued a judgment bankruptcy of the 19011 pharmacies chain, and appointed a bankruptcy judge.

Dr. Hatem El-Badawy, Secretary of the Pharmacies Division of the Federation of Chambers of Commerce, said that Alpha Company, which owns a chain of 19,011 pharmacies, has a debt of 7 billion pounds, mostly from banks.

El-Badawy added that most of the debts owed to the 19,011 pharmacies chain are in favor of major banks and drug distribution companies, noting that what happened is a particular disaster for the distribution companies, according to the Masrawy website.

He explained that a distribution company such as United or Ibn Sina has debts exceeding one billion pounds, and a chain of 19,011 pharmacies declared bankruptcy, so these companies will not get their money, and if they do, it will be a small part of that debt.

He continued: “We, as a public division, warned people and said what is happening in the drug market from a chain of 19011 pharmacies is not acceptable against the acquisition, monopoly and payment of very exaggerated numbers in rents, and everyone is confused now.”

He pointed out that all pharmacies are rented and not owned, and they are currently closed, and the original owner of the pharmacy cannot enter the pharmacy or obtain the late rent, and therefore he will resort to the court.

For his part, Dr. Mohamed El-Sheikh, head of the Cairo Pharmacists Syndicate and a member of the Senate, said that the bankruptcy of the 19011 pharmacies group comes as a result of a court ruling, considering that the chains experiment caused great harm to pharmacists.

Al-Sheikh added that this group collected many pharmacies in a short time, despite their violation of the law of practicing the profession of pharmacy, continuing: “What was built on falsehood is false, and what happened was expected.”

For his part, Hani Sameh, a lawyer and pharmacist expert, said that he had filed a lawsuit in which he demanded to prevent the United Pharmacists Company from acquiring the pharmacies registered in the commercial registry of the Alpha Pharmacies Company to manage the private pharmacies of the 19011 series.

He explained that he requested that measures be taken to seize 19011 pharmacies, cancel their licenses and erase their activity related to managing and owning pharmacies for violating the general order of the law on practicing the profession of pharmacy.

Meanwhile, an official Source at El-Ezaby Pharmacies Group indicated that the group does not intend to apply to acquire 19011 pharmacies after declaring its bankruptcy.

The Source said: “We have no relationship from near or far with 19011 pharmacies, and we did not want to buy them.”

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The article is in Arabic

Tags: debt billion pounds secret bankruptcy pharmacies Egypt

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