*** Shortall's talents have also been called into question by the malicious bloggers. Unilife was forced to defend the record of its CEO, whose remuneration was higher than the revenues it generated in 2012.
''Mr Shortall has never been the director or officer of a company that has failed, or gone bankrupt,'' Unilife says.
CBD suggests the company might want to consider making a profit if it wants its CEO's record to remain intact. Unilife has generated more than $US150 million in accumulated losses in the past three years alone.
*** The company, whose share price has tumbled from $3.10 to 57c in two years, has yet to sell a syringe. This is despite originally promising to have a facility open by early last year. It now says it will start selling syringes by early next year.
"Unilife believes its Unitract product is unique and is well advanced," Mr Savage said.
"It's fair to say that they are on the cusp of exploding and doing extremely extremely well or they are going to run out of money. It's one or the other over the next two or three years.
"There is a race on globally in this retractable and safety syringe market and Unilife are extremely upbeat about the next 160 days."
Unilife said in July that its investigation found that Shortall and ex-chairman Jim Bosnjak (who retired from the board in August 2015 and was succeeded by Shortall), used the company as a sort of bank to finance Shortall’s move to a new home, personal expenses and loan payments.
Shortall also apparently expected Bosnjak to pay him “substantial” kickbacks, Unilife said in a regulatory filing.
“Mr. Shortall and Mr. Bosnjak failed to disclose to the company $170,000 in personal payments during 2011 from Mr. Bosnjak to Mr. Shortall which payments did not involve company funds, and also failed to disclose that, during the period from 2010 to Mr. Bosnjak’s resignation, Mr. Shortall, for reasons that the company has been unable to determine, expected to be paid or loaned substantial amounts of money by Mr. Bosnjak,” according to the filing.
Unilife also said that Shortall withdrew a total of $340,000 from the company’s coffers 5 to 36 days before he paid the money back in, which it plans to count as loans. Shortall deposited and withdrew another $253,000, but paid the money in within a day of it being disbursed back to him, according to the filing.
In June 2015 Shortall put nearly $2.3 million into Unilife’s bank account, then directed Unilife to disburse nearly $1.4 million to close his house purchase in July of that year; the balance was paid back to Shortall, the company said...
