This commenced a series of back and forth in between Ivan and Hitachi, outlined in its petition, in which Hitachi planned to physical exercise its authorized legal rights as proprietors of Fusionex and with Ivan and his Management crew offering various good reasons to obstruct this, Main of which was a purported ‘authorities directive’ that prevented Ivan from sharing sensitive knowledge with overseas events.

Hitachi discovered, for their shock, that from Sept to Nov, at the least 110 employees had either resigned or been retrenched. The administrators were not educated of the meaningful circumstance.

Moreover, all information associated with the continuity with the Fusionex operations and organization wasn't shared just before or handed more than through their departure,” mentioned the documents.

Btw, this non-cooperation also included a senior secretary who refused to deliver the new CEO, Hiroyuki Kumazaki, Using the mobile figures of all of the senior Management crew and who to begin with refused handy in excess of her company laptop computer to him. And when she did, it absolutely was found to are wiped clean (reformatted to erase all former facts.)

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Before my accessing the Hitachi winding up petition papers, I had used Practically two months inquiring industry gamers, present and previous Fusionex team about what could have gone Incorrect but with hardly any light-weight on what might have brought on this drastic selection by Hitachi.

As of publishing of this post, Ivan has not responded to DNA queries to acquire his side on the Tale.

The catalyst for the current circumstance began when Hitachi, as Component of its danger management and company governance in which it conducts an internal audit of its subsidiaries just about every a few many years, gave Ivan observe in Aug 2022 that it meant to do an audit on Fusionex Group and Fusiotech Holdings in March 2023.

"Similar to our IPO not being the you could try here end of the business’s journey then, the proposed delisting of Fusionex is simply the beginning of a new chapter into the Tale of the corporation as well as rise of a different starting," he tells DNA in an job interview.

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“Only then we will find out the cause of the investigation. Something at this point of time is extremely speculative until eventually the investigation is entire.

It stays for being witnessed if Ivan will occur out and protect himself and his popularity towards the harmful contents of Hitachi’s petition. Any long term he hopes to have of continue to remaining a key Element of Malaysia’s tech ecosystem will rely upon this.

Once again, Hitachi’s authorized workforce had been refused a duplicate with the ‘Federal government Directive’ and only permitted to look at it visually without taking any notes. 

Based on a seasoned lawyer acquainted with liquidation issues, “Hitachi, website here as the only shareholder, could have saved its winding up petition in a simple and superficial level.