The fusionex Diaries
The fusionex Diaries
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Hitachi placed five of its executives as non-government administrators to the board with Ivan and his CFO, Chen Chiang as executive administrators.
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As outlined by a highly skilled lawyer knowledgeable about liquidation matters, “Hitachi, as the sole shareholder, could have held its winding up petition at a simple and superficial level.
Extremely, Hitachi stated cabinets from the finance department “appeared to are already emptied out” Along with the economical records and management accounts in the Fusionex Team and Fusiotech Holdings nowhere to generally be uncovered, except for the harmony sheet and consolidated statement of financial position as at 30.nine.2023.
Hitachi courtroom petition to wind up Fusionex, reveal grim photograph of alleged unethical and irresponsible conduct by Ivan Teh and his senior Management
It is actually thought that other ex-Fusionex executives have also been reaching out to vital federal government and personal sector consumers as well, assuring them of guidance though It's not necessarily distinct through which firm.
The catalyst for The existing scenario started when Hitachi, as Element of its chance management and company governance wherever it conducts an internal audit of its subsidiaries every a few yrs, gave Ivan recognize in Aug 2022 that it meant to do an audit on Fusionex Group and Fusiotech Holdings in March 2023.
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This time they mentioned the Fusionex Team needed the US$100 million to US£one hundred fifty million funding to improve its R&D. No point out was made from needing the money to stabilise the group.
As of publishing of this informative article, Ivan has not responded to DNA queries to get his facet in the story.
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