An govt from the agency tells DNA, “We wish to wait around For additional clarity on what seriously happened at Fusionex before making any decisions of aid.”

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

Also, employing SaaS business enterprise know-how and collaborating with Hitachi's OT and item corporations, Hitachi will make new digital providers, even further penetrate to the acquired buyer bases in Asia and grow to worldwide shoppers in other locations.

Hitachi learned, to their shock, that from Sept to Nov, no less than 110 team had possibly resigned or been retrenched. The administrators were not knowledgeable of the significant scenario.

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The management group plus the CEO owe a fiduciary duty towards the Board and cannot withhold any info requested by the Board,” he claimed.

It absolutely was not just the motion to end up, though the news that Ivan and a lot of of his leadership crew Give up their Positions abruptly with no serving thanks recognize and didn't execute their professional and fiduciary duties with an appropriate handover of obtain and files.

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The senior management departed the corporation abruptly, leaving Hitachi with out a official handover of administration and operations. This departure provided an absence of sharing information and facts regarding the continuity of Fusionex's operation and business enterprise in the course of their exit.”

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

I am anxious which the steps of the this link Fusiotech administration staff could have deeper repercussions with the ecosystem Primarily international investors and future acquirers of Malaysian startups.”

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