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The winding up petition versus the Fusionex Group of companies are still pending prior to the court docket and With all the Courtroom Listening to the petition in May well 2024.
However the dust is just not about to choose this Tale 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 within the comprehensive court docket submission.
Hitachi positioned 5 of its executives as non-government directors on the board with Ivan and his CFO, Chen Chiang as government administrators.
Hitachi found out, for their shock, that from Sept to Nov, not less than one hundred ten staff members experienced either resigned or been retrenched. The administrators weren't knowledgeable of this significant predicament.
Again, Hitachi’s authorized group were being refused a copy of the ‘Governing administration Directive’ and only permitted to search at it visually without having taking any notes.
“You will find truths, half truths and several untruths of the varied thoughts and speculations to choose from. I'd express that we give Ivan some space and once the dust settles, We're going to know a lot more,” said The manager.
"We feel the organization's shares are actually undervalued and we think it can do way superior," mentioned Teh.
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Through the surface area level, plainly minority shareholders and key shareholders like Teh are the most significant casulties.
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It really is thought that other ex-Fusionex executives have also been achieving out to essential govt and personal sector clientele in addition, assuring them of assistance however it is not very clear by which organization.
It is also not known if Hitachi has arrived at out to any shoppers to assist them, even though this kind of attempts are Obviously handicapped by it not realizing who Fusionex’s customers even are further than the big kinds the place the contract wins were my sources being accompanied by media releases.