As of publishing of this information, Ivan hasn't responded to DNA queries to receive his side in the Tale.
The winding up petition from the Fusionex Team of firms are still pending prior to the court and With all the Court docket hearing the petition in Might 2024.
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In line with its winding up petition, Hitachi reported it absolutely was alerted by Ivan in Sept 2023 that the organization experienced experienced a pointy fall in revenue accompanied by a stunning revelation from Ivan at a meeting on 27 Oct 2023 that it would want to chop expenditures, including instant retrenchments, without the need of which it might not be straight from the source in the position to meet up with its money obligations by Nov/Dec and which the retrenchments would have to have substantial payment.
These was Hitachi’s assurance in Ivan that it left him and his administration index team fully accountable for managing FusioTech Holdings, the new company proven submit its acquisition.
Hitachi court petition to wind up Fusionex, reveal grim photograph of alleged unethical and irresponsible carry out by Ivan Teh and his senior leadership
I'm worried the steps of the Fusiotech management crew could have further repercussions with the ecosystem Specially overseas buyers and prospective acquirers of Malaysian startups.”
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A couple of days later on the inhouse legal counsel for Fusionex showed Hitachi’s lawyers a duplicate of A further ‘federal government directive’ dated 27 Nov which purported to prohibit Fusionex from sharing website here any info Together with the audit committee.
In the end, as said by Hitachi in its winding up papers, Fusionex was “possibly from the zone of insolvency” and “unable to continue carrying on its business enterprise in its existing point out.”
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“This selection stems in the insurmountable challenges arising with the inadequate handover of documents and information via the former management, which effectively still left Hitachi without any kind of information regarding the administration, operations, and continuity from the organization of Fusionex Group,” he said.