In connection with the resignation, Meyers, according to documents the company filed with the Securities and Exchange Commission, has entered into a consulting agreement with the company for a term of seven months beginning May 2.

Under the consulting agreement, Meyers has agreed to assist the Tetralogic (NASDAQ: TLOG) of Malvern, Pa., with "all third party business collaborations and relationships, which may include, but are not limited to, the sale, license or partnering of company assets.

Meyers' compensation, according to the SEC filing, will be a one-time lump sum cash payment of $265,000.

  • Pfizer, IBM team up to improve care to Parkinsons patients

TetraLogic is promoting Pat Hutchison, the company's vice president of finance for the past two years, as CFO and treasurer effective on the date of Meyers' resignation. Hutchison previously held executive posts at two other local companies: Teleflex and Cephalon.

In February Tetralogic hired the financial advisory firm Houlihan Lokey Capital Inc. to explore "strategic alternatives." That move came after company announced the disappointing clinical trial results in January for its lead new drug candidate, which led to the elimination of 19 positions-- nearly two-thirds of its staff -- earlier this year.

For the third consecutive year, about 30 percent of Deloitte poll respondents say their companies experienced supply chain fraud, waste or abuse in the preceding year. Yet, just 29.3 percent of the same respondents use analytics to mitigate supply chain fraud and financial risks. Two-thirds (67.1 percent) are confident employees will report any schemes they see in the coming year.

"In my 20 years conducting forensic investigations, trust in employees and third parties is often misplaced," said Mark Pearson, Deloitte Advisory principal, Deloitte Financial Advisory Services LLP. "As a result, many organizations are trapped in a pay-and-chase model for fighting supply chain fraud --invoices are paid first, then retribution is sought much later when fraud is found, if it's found at all. But, the supply chain forensics leading practice is a comprehensive and proactive, predictive approach tailored to organizational structure and industry sector."

Two industries saw supply chain fraud rise between 2014 and 2016: life sciences and health care respondents report an increase to 35 percent in 2016 (31 percent in 2014); and energy and resources was 34 percent in 2016, compared to 27 percent in 2014. Conversely, technology, media and telecommunications reported a drop to 27 percent in 2016, from 2014's 33 percent.

Larry Kivett, Deloitte Advisory partner, Deloitte Financial Advisory Services LLP, added, "As distress from falling oil and gas prices puts pressure on the energy and resources industry, many leaders are working hard to avoid leaving any cash on the table. Using supply chain analytics to identify and investigate supply chain financial risks can help stem fraud schemes that we increasingly see in today's challenging, complex and global environment."

In an interview with SCMR, Kivett added that supply chain fraud, waste and abuse have been around just as long as supply chains have been.

But today's supply chains often consist of complex networks of multiple legal entities, geographies, industries and subcontractors, making finding nefarious acts incredibly tough to identify using traditional means, he said. As analytics technologies are advancing and supply chain leaders increasingly appreciate the bottom line improvements that supply chain financial risk management can have, we believe the instance of supply chain misdeeds will be reduced."

Pearson noted that, "From a life sciences and health care perspective, regulatory and legislative pressure is expected to heighten around pricing and transparency for plans, providers, and pharma and devices makers.

It's a good time to verify that your supply chain is not hiding any unsavory vendors or other fraud, waste and abuse that could cause reputational harm and costly remediation later," he said.

Additional poll results show:

o Some employee groups pose larger supply chain fraud risk. Project managers and invoice approvers (26 percent) and procurement professionals (24.7 percent) present the largest risk of supply chain fraud, waste and abuse in respondents' organizations.
o Many still don't use supply chain analytics. While 13.7 percent have analytics software, but don't use it, another 19.3 percent don't use analytics for supply chain financial risk management at all.
o Analysis of invoices for fraud prior to payment is low. Just 27 percent of respondents' organizations analyze unpaid invoices for evidence of supply chain fraud, waste and abuse prior to payment.

Nexia BT managing partner Brian Tonna said he was not in a position to divulge any information on Konrad Mizzi and Keith Schembri since they were his clients.

Nexit BT is the financial advisory firm that assisted both men set up private financial vehicles overseas.

We are bound to keep our clients identity and affairs strictly confidential, Mr Tonna said.

We regret, therefore, that we are unable to respond to any of your queries.

Seadrill Ltd (NYSE:SDRL) has hired Morgan Stanley and Houlihan Lokey to advise it on debt-restructuring. According to Bloomberg, which cited two sources close to the matter, the company has a high debt burden, worth $11 billion, including bonds.

According to Bloomberg, the drilling contractor held discussions with financial advisers, after its lenders recently formed a committee to lead the talks. The committee appointed law firm White amp; Case and adviser Lazard, for guidance.

The company wants to avail the financial services providers to help restore its liquidity and restore the ability to continue operations. Offshore drillers like Seadrill too are facing the crunch of low oil prices, in the form of weak balance sheet positions, and struggle to offload debt, as offshore drilling contracts fall short.

Seadrill has unsecured bonds worth $2.6 billion, and $8.4 billion of bank facilities. According to data collected by Bloomberg, the company has $3.5 billion in debt, due by the end of 2017.

In an interview with Bloomberg last month, Seadrill CEO Per Wullf said in order to tackle its debt burden, the company seeks to have a plan that has the consent of banks and bondholders, towards the end of June. Analysts suggest the plan may include the issuance of new shares worth $1 billion. He added that coming to an agreement that has multi-faceted support would not be easy, owing to the companys vast number of creditors.