The winding up petition from the Fusionex Group of companies are still pending ahead of the court docket and Along with the Court hearing the petition in May 2024.

Dato’ Seri Ivan Teh stresses the need for any contingency plan from the face of future challenges. The teachings discovered with the COVID-19 pandemic underscore the necessity of increasing weaknesses and planning for probable upcoming outbreaks.

The target was to enhance, get and safe new customer bases, technologies and knowledge utilising the resources that Fusionex had cultivated from the Asian location.

In 2017, Fusionex withdrew the listing of its shares from London Stock Exchange Goal being A personal organization, under 5 years following its oversubscribed Preliminary community featuring.

Hitachi discovered, to their shock, that from Sept to Nov, at the very least 110 personnel experienced possibly resigned or been retrenched. The administrators were not knowledgeable of the significant scenario.

and his staff - whereby the business's shares fell dramatically following it declared that it hopes to seek shareholders’ acceptance to delist from your London Inventory Exchange Purpose. 

This time they mentioned the Fusionex Team required the US$one hundred million to US£a hundred and fifty million funding to strengthen its R&D. No point out was made of needing the money to stabilise the group.

Hitachi court petition to end up Fusionex, expose grim image of alleged unethical and irresponsible perform by Ivan Teh and his senior Management

He went on to incorporate, “It is absolutely nonsensical to point out that there is a so known as government directive to withhold information and facts from international nationals and that this is applicable to foreigners that are within the board. There isn't any this kind of thing and it's simply an excuse to withhold information with the Board.”

Hitachi described this as “stunning” given that the customers on the Audit Committee have been also directors of Fusiotech and ought to have unrestricted entry to its money data. 

It absolutely was not simply the movement to end up, though the information that Ivan and many of his Management workforce Give up their Employment abruptly with no serving owing observe and did not execute their Expert and fiduciary duties with an appropriate handover of accessibility and paperwork.

About us Fusionex is a worldwide, multi-award winning info technological know-how supplier with a powerful all over the world existence. Fusionex will work with quite a few fortune five hundred consumers in The us, Europe as well as the Asia Pacific region, bringing revolutionary and breakthrough Suggestions and options to its clients.

Moreover, all information and facts concerning the continuity in the Fusionex operations and small business wasn't shared ahead of or handed about all through their departure,” mentioned the paperwork.

“This decision stems with the insurmountable problems arising within the inadequate handover of documents and information because of the earlier administration, which successfully still left Hitachi with none type of view it now knowledge concerning the management, functions, and continuity in the business enterprise of Fusionex Group,” he said.

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