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“Only then we will find out the cause of the investigation. Just about anything at this point of time is extremely speculative until eventually the investigation is entire.

Hitachi put 5 of its executives as non-executive directors to the board with Ivan and his CFO, Chen Chiang as govt directors.

Based on its winding up petition, Hitachi said it had been alerted by Ivan in Sept 2023 that the business experienced experienced a pointy drop in earnings followed by a shocking revelation from Ivan at a meeting on 27 Oct 2023 that it would want to chop charges, which includes immediate retrenchments, without having which it may not be in the position to satisfy its economic obligations by Nov/Dec and that the retrenchments would call for large compensation.

Though the dust is just not going to choose this story as Ivan and his senior execs who left quickly are hoping for. Not when The solution to Hitachi’s drastic winding up software is laid bare from the specific courtroom submission.

Regardless of the advancement, the corporation's stock has remained mainly flattish over the past 15 months (except the current tumble).   

Because it was stated on Goal, and excluding the global company tech players, Fusionex has developed into one of many greater large details remedies providers in Asia. Its clientele has also enhanced immensely.

Questioned by DNA if Hitachi was preparing to hunt legal motion against the directors and administration crew of Fusionex for failing to carry out their fiduciary responsibilities, a Hitachi Japan spokesperson stated, “Pursuing standard legal procedures, if the winding up purchase is granted with the Court docket, a liquidator will probably be appointed to acquire around operations in the winding down method. Any probable lawful action would need to be deemed because of the appointed liquidator.”

It is additionally not recognised if Hitachi has achieved out to any clients to support them, nevertheless these attempts are clearly handicapped by it not realizing who Fusionex’s clients even are further than the big kinds in which the contract wins had been accompanied by media releases.

Hitachi court petition to wind up Fusionex, reveal grim photograph of alleged unethical and irresponsible perform by Ivan Teh and his senior leadership

The administration crew and the CEO owe a fiduciary obligation into the Board and cannot withhold any facts requested by the Board,” he explained.

As of publishing of this article, Ivan hasn't responded to DNA queries to get his side of your story.

Hitachi’s attorneys ended up also not given a replica of the directive and had been only allowed to look at it without taking any notes for the duration of a gathering among the two sides in KL on 23 Nov.

It had been not only the movement to end up, even so the news that Ivan and plenty of of his leadership workforce Stop their Employment abruptly without having serving due notice and didn't execute their Skilled and fiduciary duties with a correct handover of access and paperwork.

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There is current market discuss that Ivan has an interest More about the author in the corporate Even though his title doesn't surface as a shareholder or director and anyone aware of V-Circle tells DNA that Ivan has no interest in the corporate.