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This started out a series of forwards and backwards between Ivan and Hitachi, outlined in its petition, in which Hitachi wanted to training its lawful rights as house owners of Fusionex and with Ivan and his Management workforce offering several causes to obstruct this, chief of which was a purported ‘government directive’ that prevented Ivan from sharing delicate data with overseas events.

The administration group along with the CEO owe a fiduciary duty for the Board and can't withhold any information and facts asked for by the Board,” he reported.

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"It would seem the the latest incidents can be brought on by some bash which needs to circumvent the delisting from happening, and also to take advantage of the share cost tumbling," prompt the supply.  

Hitachi court docket petition to end up Fusionex, expose grim photograph of alleged unethical and irresponsible conduct by Ivan Teh and his senior leadership

But this ask for by the proprietors of the corporate and its appointed directors and audit committee was denied by Ivan, all within the pretext of some “govt directive” that prevented him from sharing financial info sought by Hitachi in a firm they owned, a hundred%.

Unbelievably, Hitachi explained cabinets during the finance Division “appeared to are already emptied out” Along with the fiscal records and management accounts of the Fusionex Team and Fusiotech Holdings nowhere being located, aside from the stability sheet and consolidated statement of financial situation as at thirty.9.2023.  

Even so the dust is not really going to choose this story as Ivan and his senior execs who remaining quickly are hoping for. Not when The solution to Hitachi’s drastic winding up application is laid bare while in the specific court docket submission.

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“At one of many periods, we recognised there have been a lot of difficulties across industries, where by persons were being investing plenty of money and still ready instances at shops, banking institutions, telcos and airlines have been terrible. A handful of of us mentioned: ‘There needs to be a greater method of carrying out my company this – it might’t be all of that negative.

It absolutely was not merely the movement to wind up, although the information that Ivan and many of his leadership group quit their Work abruptly without serving due discover and did not execute their Expert and fiduciary duties with a proper handover of access and paperwork.

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