fusionex - An Overview

As of publishing of this post, Ivan hasn't responded to DNA queries to obtain his facet with the story.

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According to its winding up petition, Hitachi reported it had been alerted by Ivan in Sept 2023 that the business had suffered a pointy fall in profits accompanied by a stunning revelation from Ivan at a meeting on 27 Oct 2023 that it would wish to cut expenditures, together with fast retrenchments, with no which it will not be ready to satisfy its financial obligations by Nov/Dec and the retrenchments would demand big compensation.

An ecosystem leader accustomed to the contents of Hitachi’s winding up petition did not mince his viewpoint from the alleged conduct by Ivan and his Management group.

An executive in the company tells DNA, “We wish to hold out for more clarity on what actually happened at Fusionex prior to making any decisions of assistance.”

Teh highlighted the delisting of Fusionex on Intention was absolutely not the "conclude on the road" for the corporate, but as a substitute makes it possible for Fusionex to emphasis its Power and to speculate for the long run to make sure that it will be able to realize a faster and more practical expansion.

Hitachi court docket petition to end up Fusionex, reveal grim image of alleged unethical and irresponsible conduct by Ivan Teh and his senior leadership

The SME Small business Facilitation Hub will open up doorways to more possibilities in expanding trade via digitalization and intensifying the use of technological innovation to aid exports,” he reported.

SME Malaysia national president Ding Hong Sing stated electronic transformation is much why not check here more crucial than previously and is an integral part of how SMEs can optimise their enterprises and lead to The expansion in the nation's overall economy. 

In line with a seasoned attorney accustomed to liquidation issues, “Hitachi, as the only real shareholder, could have saved its winding up petition at a basic and superficial stage.

  The winding up petition against the Fusionex Team of companies remain pending ahead of the court docket and Using the Court docket Listening to the petition in May possibly 2024.

In the Conference, attended by Jacob Isaac, the Controlling Director and Chen Chiang, the CFO, a next solution was presented which entailed an immediate shareholder cash injection of concerning US$a hundred million to US$a hundred and fifty million (by mid Nov) to stabilize the group, prevent even further erosion of assurance and loss of consumers.

But this ask for because of the homeowners of the corporate and its appointed directors and audit committee was denied by Ivan, all to the pretext of some “govt directive” that prevented him from sharing monetary information and facts sought by Hitachi in a business they owned, a hundred%.

With the floor stage, plainly minority shareholders and important shareholders like Teh are the most significant casulties.

Even so the dust is just not going to choose this Tale as Ivan and his senior execs who still left all of a sudden are hoping for. Not when The solution to Hitachi’s drastic winding up application is laid bare during the in-depth courtroom submission.