This started out a series of backwards and forwards concerning Ivan and Hitachi, outlined in its petition, by which Hitachi needed to workout its authorized rights as proprietors of Fusionex and with Ivan and his leadership team giving many good reasons to obstruct this, Main of which was a purported ‘govt directive’ that prevented Ivan from sharing sensitive info with foreign events.
With the floor level, evidently minority shareholders and significant shareholders like Teh are the most important casulties.
It can be a shocking slide, devoid of parallel in Malaysia’s tech background. A lot more so, as Ivan will be the closest matter to remaining the golden boy for Malaysian tech, building a firm to contend from the enterprise tech Place against world tech players.
Hitachi court petition to end up Fusionex, reveal grim picture of alleged unethical and irresponsible carry out by Ivan Teh and his senior Management
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“This determination stems with the insurmountable troubles arising through the inadequate handover of information and information by the preceding administration, which proficiently still left Hitachi without any type of information referring to the administration, functions, and continuity in the business of Fusionex Team,” he stated.
Fusionex is the only real ASEAN-dependent business being highlighted in equally reports, cementing its qualifications in the info know-how marketplace for this area.
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A few days later on the inhouse lawful counsel for Fusionex confirmed Hitachi’s legal professionals a duplicate of One more ‘federal government directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any information Along with the click here for more audit committee.
Hitachi positioned five of its executives as non-government directors over the board with Ivan and his CFO, Chen Chiang as govt administrators.
But a clear image emerges from your unusually detailed winding up petition filed by Hitachi, seen by DNA, where Hitachi chronologically lists a series of actions by Ivan and his Management crew around a 15-thirty day period interval which is sweeping and amazing in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.
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