“The prior senior management departed the company instantly with no form of handover in the administration along with the functions.
But this request with the entrepreneurs of the company and its appointed directors and audit committee was denied by Ivan, all around the pretext of some “govt directive” that prevented him from sharing financial details sought by Hitachi in a business they owned, a hundred%.
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A Hitachi Japan spokesperson explained to DNA that Hitachi had no option but to close the small business down, describing it as the “most cautious study course of action to proactively control and minimise the affect to Anyone concerned.
But a transparent photograph emerges within the unusually detailed winding up petition submitted by Hitachi, considered by DNA, where by Hitachi chronologically lists a number of actions by Ivan and his Management workforce above a fifteen-month period which is sweeping and breathtaking in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.
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Hitachi courtroom petition to wind up Fusionex, reveal grim image of alleged unethical and irresponsible perform by Ivan Teh and his senior leadership
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Hitachi put 5 of its executives as non-executive administrators on the board with Ivan and his CFO, Chen Chiang as govt directors.
It remains being noticed if Ivan will appear out and protect himself and his reputation towards the detrimental contents of Hitachi’s petition. Any potential he hopes to possess of nonetheless staying a key Portion of Malaysia’s tech ecosystem will rely upon this.
There may be industry communicate that Ivan has an curiosity in the corporation Though his title does not look like a shareholder or director and an individual informed about V-Circle tells DNA that Ivan has no interest in the business.
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This began a series of forwards and backwards among Ivan and Hitachi, outlined in its petition, wherein Hitachi desired to work out its lawful legal rights as proprietors of Fusionex and with Ivan and his Management crew offering various good reasons to obstruct this, Main of which was a purported ‘authorities directive’ that prevented Ivan from sharing sensitive info with international functions.
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Additionally it is not recognized if Hitachi has achieved out to any consumers to help them, although these types of attempts are Plainly handicapped by it not understanding who Fusionex’s buyers even are beyond the large types where by the contract wins have been accompanied by media releases.