Pholus Advisory

Peru’s Congress removed President Dina Boluarte early Friday morning with 121 votes, citing “permanent moral incapacity” to address organized crime. This marks Peru’s third president since 2022. The same Congress that removed Pedro Castillo has now removed his successor. As someone who has facilitated thousands of cross-border transactions across Latin…

Every experienced leader eventually faces it: a missed signal during due diligence that later becomes a liability. Sometimes it’s a concealed relationship. Sometimes it’s a partner with undisclosed debt, a founder with political baggage, or a “compliant” supplier that turns out to be an operational risk. Whatever the oversight, what…

When a threat surfaces—whether personal, political, or operational—team leaders on the ground often absorb the initial shock. Their instinct is to alert headquarters, seek cover, or step back entirely. But premature escalation can trigger an overreaction from donors, executives, or boards. The result is a double crisis: a rattled team…

In complex operating environments, compliance can become a performance. Financial reports are submitted on time. Procurement procedures are formally documented. Spending appears aligned with approved budgets. And yet—funds go missing, services fall short, and outcomes deteriorate. When donor rules are followed but money is still misused, the problem is not…

When evaluating a startup, much of the focus is placed on the founder. This is understandable. The founder sets the tone, articulates the vision, and often acts as the public face of the company. But in fragile markets or sensitive sectors, the founder is rarely acting alone. Capital often arrives…

Deciding to wind down a project, business, or operation is difficult. Communicating that decision to stakeholders is harder. When handled poorly, these conversations cause reputational damage, emotional backlash, or even legal exposure. But when done with structure and respect, notification can preserve trust, limit risk, and allow for future engagement—even…

Surprise visits are one of the few tools leaders can use to cut through polished updates, staged reporting, and unchallenged routines. But the objective is often misunderstood. These visits are not meant to expose individuals or punish teams. Their purpose is to reassert expectations, reestablish accountability, and observe what happens…

Realizing that a local partner may be involved in illicit financial flows is one of the most difficult positions a project lead, donor, or investor can face. The relationship is often established. Money has already moved. Public alignment may exist. But once the red flags are confirmed—or even strongly suspected—inaction…

Not every business is what it claims to be. Behind storefronts, digital platforms, or community ventures, some entities exist primarily to transfer, obscure, or clean money for other actors. These businesses are operational in form but hollow in function—designed less to sell a product or service and more to facilitate…

Sales blames marketing. Marketing blames sales. Both teams are hitting their metrics—but deals are stalling, morale is slipping, and no one agrees on what’s actually going wrong. If you’ve ever heard “the leads are garbage” or “sales can’t close,” you already know where this is headed. This case study is…

When staff are detained, panic spreads fast. Internal teams scramble for answers. Stakeholders press for updates. And behind the scenes, someone always suggests “just paying to make it go away.” But bribery isn’t an option—especially if you plan to keep operating with integrity. This case study is especially relevant if…

Client updates are getting stale. Competitors are catching up too quickly. Nothing’s confirmed—but something’s off. You suspect there’s a leak. The team is small. You trust them. But trust doesn’t stop data from walking out the door. This case study is especially relevant if you are: A founder sensing a…

Investors and corporate strategists treat due diligence as a shield against unpleasant surprises. Yet many reviews rely on static checklists and desk research that overlook shifting power structures, informal networks, and on-the-ground realities. When those blind spots collide with complex environments, deals stall, assets underperform, and reputations suffer. A stronger…

In fragile markets or politically sensitive environments, the lines of authority can shift overnight. Permits are issued and revoked. New actors claim control. Field staff receive conflicting orders. In these moments, acting too quickly—or too confidently—can trigger legal exposure, political backlash, or reputational damage. A deliberate pause, not a rushed…

The lawsuit named the company—but it also named a director. At first, the leadership team stuck together. Then the story shifted. The company stepped back. Their legal strategy changed. And one director was left exposed—with no insurance, no internal backing, and no plan. This case study is especially relevant if…

You trust your advisor’s work. The filings are accurate. The guidance is solid. But calls go unanswered, emails linger, and tension is rising. You’re considering a change—not because of a mistake, but because you’re tired of feeling ignored. This case study is especially relevant if you are: A founder or…

A signed financial statement often brings comfort. To boards, donors, and investors, it signals legitimacy. But in high-risk environments—especially where informal networks and layered loyalties dominate—a clean sign-off can conceal rather than reveal. The cash may already be gone, diverted through mechanisms that remain invisible to standard reviews. When this…

An anonymous blog starts publishing false stories about your company—accusing leadership of fraud, inventing quotes, and fabricating screenshots. It’s not in the news cycle yet, but it’s showing up on Google. Stakeholders are noticing. And legal action would only make it louder. This case study is especially relevant if you…

Not all civil unrest leads to insurgency. But all insurgencies begin with unrest that was either ignored, misread, or dismissed as temporary noise. For organizations operating in fragile environments—especially those with field teams, strategic assets, or donor-backed infrastructure—the ability to distinguish between episodic protest and pre-insurgency conditions is a governance…

In emerging or unfamiliar markets, many international organizations turn to local advertising agencies to execute outreach, mobilization, or visibility campaigns. When the partnership functions well, it delivers cultural resonance, logistical efficiency, and measurable impact. But over time, even the most promising local agency relationships can experience drift—subtle shifts in focus,…

You’ve made the hard call: the program is ending, the funding is gone, and the country office must close. But you’re operating in a region where quiet exits rarely stay quiet. Vendors expect continuity. Staff expect fairness. And one poorly handled moment can turn a clean wind-down into a reputational…

The founder stops showing up to board meetings. At first, it’s a scheduling conflict. Then silence. Frustration builds. People start talking about exit votes, formal censure—even leaving the board entirely. No one’s saying it out loud yet, but the relationship is breaking. This case study is especially relevant if you…

Titles, reporting lines, and organizational charts often paint a clean picture of governance. But in complex or fragile markets, these formal structures rarely reflect operational reality. Power flows along lines of trust, control, and narrative—not just hierarchy. Nowhere is this clearer than in the advertising and communications process. If you…

When a project becomes reputationally, politically, or ethically compromised, leadership faces a critical decision: stay, fix, or exit. In fragile markets, even the appearance of contamination—from allegations, internal misconduct, or partner exposure—can be destabilizing. If left unmanaged, it spreads beyond the project itself, infecting donor confidence, staff morale, and organizational…

Your donor acquisition costs are climbing. The board is asking tough questions. You’ve tried agencies before—but they overpromised, underdelivered, and left your team feeling sidelined. You don’t want a rescue. You want clarity, structure, and a way forward that leaves your team stronger, not replaced. This case study is especially…

You’re ready to sell. The buyer looks clean. The deal feels done. But something’s off—maybe in the paperwork, maybe in their pitch. You hesitate, just long enough to get a second opinion. And that decision may be the only thing standing between you and a criminal investigation. This case study…

In high-risk regions, development projects, corporate investments, and even humanitarian operations can unknowingly intersect with organized crime. These links may be indirect, buried in supply chains, local subcontracting, or political patronage networks. Whether you’re deploying capital or delivering aid, exposure to organized crime presents not only a legal risk but…

You’re spending over a dollar to acquire each user—but almost none of them deposit. The dashboards look fine, but the runway’s vanishing. Investors are restless. Your team says marketing is working. Your bank account says otherwise. This case study is especially relevant if you are: A founder or CMO facing…

Unauthorized redirection of client funds is not just a breach of protocol. It’s a threat to the credibility of your operation. Whether the act was malicious, opportunistic, or a result of unclear systems, your response must prioritize containment, trust repair, and legal exposure management. Especially in fragile or cross-border environments,…

Your staff starts getting strange phone calls. The voices claim to be local officials. No money is demanded, but the tone is unmistakable: “We’re watching.” There’s no clear threat—just unease. You sense the intent isn’t fraud, but fear. And you’re right. This case study is especially relevant if you are:…