According to its winding up petition, Hitachi explained it was alerted by Ivan in Sept 2023 that the organization experienced suffered a sharp drop in earnings followed by a surprising revelation from Ivan at a meeting on 27 Oct 2023 that it would wish to cut fees, together with immediate retrenchments, without which it will not be in the position to fulfill its money obligations by Nov/Dec and that the retrenchments would involve massive payment.
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In the meantime DNA has learnt that a former Fusionex challenge supervisor for A serious govt account has reached out to The federal government company to reassure them that their Fusionex constructed and operate platform could well be taken care of and saved running efficiently post Fusionex.
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“The previous senior management departed the company straight away without any kind of handover with the administration and also the operations.
An ecosystem leader familiar with the contents of Hitachi’s winding up petition didn't mince his impression of the alleged behaviour by Ivan and his Management team.
Lots of expressed shock and disbelief that not merely Ivan, but users of his leadership crew could behave in these kinds of an unprofessional, unethical and irresponsible click for more method. “If This is often true, And that i Truthfully discover it hard to consider, then they have got opened on their own to legal motion from Hitachi and in many cases attainable censure from your Qualified bodies they are customers of,” mentioned one tech ecosystem chief with a strong company background.
The senior administration departed the organization abruptly, leaving Hitachi without having a formal handover of management and functions. This departure included a lack of sharing facts concerning the continuity of Fusionex's operation and small business throughout their exit.”
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Hitachi put five of its executives as non-executive directors on the board with Ivan and his CFO, Chen Chiang as executive directors.
In the end, as mentioned by Hitachi in its winding up papers, Fusionex was “likely from the zone of insolvency” and “unable to carry on carrying on its organization in its existing point out.”
Btw, this non-cooperation also provided a senior secretary who refused to provide The brand new CEO, Hiroyuki Kumazaki, With all the cell numbers of many of the senior Management crew and who initially refused at hand over her corporation notebook to him. And when she did, it had been found to are cleaned (reformatted to erase all earlier data.)
As of publishing of this post, Ivan has not responded to DNA queries to receive his aspect of your story.