About fusionex
About fusionex
Blog Article
But this ask for with the owners of the corporation and its appointed administrators and audit committee was denied by Ivan, all over the pretext of some “federal government directive” that prevented him from sharing monetary information sought by Hitachi in a corporation they owned, 100%.
In addition, all facts referring to the continuity in the Fusionex operations and business enterprise was not shared ahead of or handed above all through their departure,” stated the paperwork.
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"Similar to our IPO not being the tip of the company’s journey then, the proposed delisting of Fusionex is simply the beginning of a whole new chapter into your Tale of the company and the increase of a new beginning," he tells DNA within an interview.
The petition has a chronological purchase of astonishing activities the place Hitachi accuses Ivan and associates of his senior leadership group of, “refusal to offer obvious fiscal disclosures, the unexplained resignation of essential personnel, and The dearth of any data of shoppers, suppliers, and employees which reveal unethical and irresponsible organization conduct.”
It truly is a shocking drop, with out parallel in Malaysia’s tech history. Far more so, as Ivan could be the closest matter to staying the golden boy for Malaysian tech, creating a enterprise to contend during the company tech Room against global tech players.
As of publishing of this information, Ivan has not responded to DNA queries for getting his facet of your Tale.
These was Hitachi’s confidence in Ivan that it left him and his management crew totally accountable for jogging FusioTech Holdings, The brand new corporation recognized submit its acquisition.
However the dust just isn't about to settle on this Tale as Ivan and his senior execs who left all of a sudden are hoping for. Not when The solution to Hitachi’s drastic winding up application is laid bare inside the comprehensive court docket submission.
In 2017, Fusionex withdrew the listing of its shares from London Inventory Exchange Goal for being A personal business, less than five years following its oversubscribed Original public providing.
I am involved the steps from the Fusiotech management team can have further repercussions for that ecosystem especially overseas buyers and future acquirers of Malaysian startups.”
Hitachi put 5 of its executives as non-government directors over the board with Ivan and his CFO, Chen Chiang as govt directors.
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“This determination stems in the insurmountable worries arising through the inadequate handover of documents and knowledge with the prior administration, which successfully remaining Hitachi without any sort of data associated with the management, functions, and continuity in the company of Fusionex Group,” he mentioned.