As it was mentioned on AIM, and excluding the worldwide company tech gamers, Fusionex has developed into among the larger massive knowledge answers suppliers in Asia. Its clientele has also amplified greatly.

Ahead of my having access to the Hitachi winding up petition papers, I had expended almost two months asking industry gamers, current and previous Fusionex staff members about what might have absent wrong but with very little mild on what might have prompted this drastic decision by Hitachi.

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

The Court docket has also tasked the interim liquidators of the Fusionex Team of providers to concern a report within the standing from the business enterprise and financial affairs of the businesses. It's hoped that this type of report can even drop some gentle on the condition of Fusionex.

Compounding your situation had been revelations of financial opacity, uncooperative conduct from executives, and considerable gaps in firm data, which include monetary paperwork and personnel knowledge.

Such was Hitachi’s assurance in Ivan that it still left him and his management group totally in control of operating FusioTech Holdings, the new company recognized submit its acquisition.

Inside a created response handed to Ivan on the working day of your Conference, Hitachi expressed grave worry about The dearth of communications and transparency by Ivan and his Management crew in excess of the particular mother nature of your economical situation of Fusionex.

About us Fusionex is a global, multi-award winning facts know-how company with a solid around the world existence. Fusionex works with many fortune five hundred shoppers in the United States, Europe together with the Asia Pacific location, bringing impressive and breakthrough Suggestions and remedies to its shoppers.

Despite the advancement, the corporate's stock has remained mostly flattish over the past fifteen months (aside from the new tumble).   

“This determination click site stems from your insurmountable worries arising in the inadequate handover of data and information via the earlier management, which proficiently remaining Hitachi with none variety of knowledge regarding the administration, functions, and continuity of your company of Fusionex Team,” he stated.

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In the surface level, it seems that minority shareholders and significant shareholders like Teh are the largest casulties.

But a clear picture emerges with the unusually comprehensive winding up petition filed by Hitachi, considered by DNA, where by Hitachi chronologically lists a number of actions by Ivan and his leadership staff more than a fifteen-thirty day period period of time that is definitely sweeping and spectacular in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.

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