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Collapse of Panaxia pushes Swedish state-owned Apotek to massive losses

Tuesday, 25 September 2012
Swedish State owned medical retailer, Apoteket has lost between Skr35 and Skr40 million caused by the fall of Panaxia. The money is determined to have been money either "borrowed" or the money even stolen from Panaxia transport vehicle.

According to reports, the Swedish government owned pharmacy company, Apoteket lost between Skr35 and Skr40 million after Panaxia went to bankruptcy.

Apoteket, the Swedish owned company had sales of SEK 23 billion last year and reported profit after tax of Skr391 million in 2011.

The Skr35-Skr40 million, which Apoteket lost through Panaxia, thus is determined to be equivalent to about 10 percent of the company's annual earnings.

The collapse of Panaxia, according to the Swedish Trade Association, lost nearly half a billion krona, where large amounts of cash have disappeared from the company.
By Scancomark.Team

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