Despite the expansion, the company's stock has remained mainly flattish over the past 15 months (aside from the latest tumble).   

Instead, with the court by now appointing interim liquidators from Deloitte Restructuring Solutions PLT on 27 Dec, agreeing with Hitachi’s argument that the dire situation Fusionex faces needs urgency, the anxiety is that Fusionex will cease to exist, with the one remnants being its billboards across the Klang Valley, waiting around to generally be taken down at the same time.

To aid the changeover Hitachi will honour December payments to all its workers, mentioned the documents. On top of that, an extra volume such as a January salary will likely be supplied over a goodwill foundation. The current administration can also be arranging help for workers to search for new Work.

  The winding up petition towards the Fusionex Group of providers remain pending before the court and With all the Courtroom Listening to the petition in May 2024.

“Fundamentally the business is winding down. There a lot of people who are nervous Using the uncertainty. Specified their techniques as well as their profile, most would have no problem obtaining a career shortly, that’s my guess,” reported the employee.

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It continues to be being viewed if Ivan will appear out and defend himself and his standing against the damaging contents of Hitachi’s site web petition. Any upcoming he hopes to obtain of continue to getting a critical Section of Malaysia’s tech ecosystem will depend upon this.

Hitachi put 5 of its executives as non-executive administrators over the board with Ivan and his CFO, Chen Chiang as government directors.

They have got absent to court nonetheless it ought to undergo a Listening to before anything at all can take position. So I’m not sure if the hearing is going to take place. All of this is finished important site by Hitachi’s lawyers.”

Although the dust just isn't about to settle on this story as Ivan and his senior execs who left abruptly are hoping for. Not when the answer to Hitachi’s drastic winding up application is laid bare while in the specific court docket submission.

This started out a number of forwards and backwards amongst Ivan and Hitachi, helpful resources outlined in its petition, by which Hitachi desired to physical exercise its lawful rights as entrepreneurs of Fusionex and with Ivan and his leadership workforce giving different reasons to obstruct this, Main of which was a purported ‘authorities directive’ that prevented Ivan from sharing delicate info with overseas parties.

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Again, Hitachi’s authorized workforce have been refused a replica in the ‘Government Directive’ and only allowed to search at it visually without having getting any notes. 

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