“The past senior management departed the business instantly with none method of handover of your administration along with the functions.
It really is a stunning fall, with no parallel in Malaysia’s tech history. More so, as Ivan will be the closest factor to becoming the golden boy for Malaysian tech, creating a business to contend inside the enterprise tech House versus world wide tech gamers.
The goal was to raise, get hold of and protected new purchaser bases, systems and experience utilising the assets that Fusionex had cultivated while in the Asian location.
An ecosystem chief acquainted with the contents of Hitachi’s winding up petition didn't mince his opinion of the alleged conduct by Ivan and his leadership team.
The senior administration departed the company abruptly, leaving Hitachi without having a formal handover of administration and operations. This departure provided a lack of sharing information concerning the continuity of Fusionex's Procedure and business enterprise for the duration of their exit.”
According to a qualified law firm familiar with liquidation issues, “Hitachi, as the only shareholder, could have retained its winding up petition at a fundamental and superficial amount.
As of publishing of this post, Ivan has not responded to DNA queries to receive his side with the story.
Hitachi put five of its executives as non-executive administrators on the board with Ivan and his CFO, Chen Chiang as govt directors.
They have got long gone to court docket but it surely should endure a hearing in advance of anything takes place. So I’m not sure once the hearing is going to occur. All this is completed by Hitachi’s lawyers.”
Moreover, all visit this site data referring to the continuity on the Fusionex operations and small business wasn't shared before or handed about in the course of their departure,” said the paperwork.
An government within the company tells DNA, “We wish to wait around For additional clarity on what truly transpired at Fusionex before you make any decisions of assistance.”
Rather, Hitachi went to great lengths in its courtroom papers to update the court with terrific depth of depth of each of the irregularities and alleged wrongdoings that transpired.”
Numerous expressed shock and disbelief that not simply Ivan, but users of his Management crew could behave in this kind of an unprofessional, unethical and irresponsible method. “If This is often accurate, and I Truthfully uncover it not easy to believe, then they have opened on their own to authorized action from Hitachi and perhaps possible censure in the Specialist bodies These are customers of,” explained a person tech ecosystem chief with a robust corporate track record.
A few days afterwards the inhouse authorized counsel for Fusionex showed Hitachi’s legal professionals a have a peek at these guys copy of Yet another ‘federal government directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any details While using look these up the audit committee.