Former CEO of Hungarian Alma pharmacy chain arrested

2010-01-27

Istvan Balint, the former CEO and owner of Alma Patika, a prominent Hungarian pharmacy chain, has been arrested, after being suspected of fraud, in addition to other crimes, according to a joint statement from the Hungarian News Agency (MTI) and Hungaropharma (HPH), the largest pharmaceutical wholesaler in Hungary. As HPH recently gained control of Alma Patika, the danger of redundancies has been reduced and the chain will continue to operate.
Under the management of Mr. Balint, the Alma chain fell seriously into debt. As of September 2009, the total amount of claims toward companies involved with the pharmacy chain reached HUF 2.5bn (€9m), according to Ferenc Szabo, HPH’s CEO. Furthermore, HPH itself has not only placed a significant amount of medicines in member pharmacies, but has also guaranteed the chain’s major bank loan.
As a result, the operation of the Alma chain was temporarily suspended and then renewed under the management of a HPH subsidiary at the end of November 2009, as we reported in Central Europe Pharma News. The acquisition of Alma, a pharmacy chain with a strong market standing, was also an opportunity for HPH to strengthen its position on the Hungarian drug distribution market.