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Furthermore, all details regarding the continuity in the Fusionex functions and organization wasn't shared before or handed in excess of through their departure,” stated the paperwork.

Hitachi put five of its executives as non-govt directors about the board with Ivan and his CFO, Chen Chiang as government administrators.

Requested by DNA if Hitachi was preparing to seek authorized motion from the administrators and management crew of Fusionex for failing to perform their fiduciary obligations, a Hitachi Japan spokesperson stated, “Pursuing standard legal strategies, In case the winding up get is granted by the Court, a liquidator is going to be appointed to take above operations in the course of the winding down method. Any probable lawful motion must be considered with the appointed liquidator.”

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and his group - whereby the company's shares fell dramatically just after it introduced that it desires to seek shareholders’ acceptance to delist in the London Inventory Trade AIM. 

Incredibly, Hitachi mentioned cupboards from the finance Office “appeared to have already been emptied out” Together with the fiscal data and administration accounts of your Fusionex Team and Fusiotech Holdings nowhere to generally be uncovered, except for the stability sheet and consolidated statement of financial position as at 30.9.2023.  

In keeping with its winding up petition, Hitachi stated it was alerted by Ivan in Sept 2023 that the business had suffered a sharp drop in income followed by a shocking revelation from Ivan at a gathering on 27 Oct 2023 that it would wish to chop fees, like rapid retrenchments, without the need of which it is probably not able to satisfy its economical obligations by Nov/Dec and which the retrenchments would call for massive compensation.

But this request from the homeowners of the corporate and its appointed administrators and audit committee was denied by Ivan, all within the pretext of some “govt directive” that prevented him from sharing money information and facts sought by Hitachi in a corporation they owned, a hundred%.

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Hitachi site here courtroom petition to end up Fusionex, expose grim image of alleged unethical and irresponsible conduct by Ivan Teh and his senior Management

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“There are actually truths, fifty percent truths and many untruths of the different views and speculations out there. I would state that we give Ivan some Area and when the dust settles, we will know much more,” reported The chief.