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

This included a conversation by using a previous senior government who tried to convince me not to write down regarding the make a difference.

The intention was to enhance, get and protected new customer bases, technologies and know-how utilising the sources that Fusionex had cultivated while in the Asian location.

“The earlier senior management departed the corporate instantly with no sort of handover from the management along with the functions.

Within a composed response handed to Ivan on the day in the meeting, Hitachi expressed grave concern more than The dearth of communications and transparency by Ivan and his Management workforce around the actual character of your economical problem of Fusionex.

From the Assembly, attended by Jacob Isaac, the Managing Director and Chen Chiang, the CFO, a second solution was introduced which entailed an instantaneous shareholder capital injection of concerning US$one hundred million to US£150 million (by mid Nov) to stabilize the group, reduce even further erosion of self esteem and loss of customers.

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Based on its winding up petition, Hitachi mentioned it had been alerted by Ivan in Sept 2023 that the business had experienced a pointy fall in earnings accompanied by a surprising revelation from Ivan at a meeting on 27 Oct 2023 that it would wish to chop expenses, which includes quick retrenchments, with no which it might not be able to satisfy its economic obligations by Nov/Dec and that the retrenchments would need large payment.

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The petition incorporates a chronological get of astonishing activities the place Hitachi accuses Ivan and customers of his senior Management staff of, “refusal to provide crystal clear economical disclosures, the unexplained resignation of key personnel, and The dearth of any documents of consumers, suppliers, and employees which indicate unethical and irresponsible organization carry out.”