As of publishing of this informative article, Ivan hasn't responded to DNA queries to get his facet from the story.
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But a transparent picture emerges with the unusually specific winding up petition filed by Hitachi, viewed by DNA, wherever Hitachi chronologically lists a number of steps by Ivan and his leadership workforce over a fifteen-thirty day period period of time that is certainly sweeping and breathtaking in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.
In the end, as said by Hitachi in its winding up papers, Fusionex was “possibly inside the zone of insolvency” and “unable to continue carrying on its business enterprise in its recent point out.”
An government through the agency tells DNA, “We wish to hold out for more clarity on what actually happened at Fusionex prior to making any decisions of assistance.”
Also, all information and facts relating to the continuity of your Fusionex operations and small business wasn't shared ahead of or handed in excess of all through their departure,” stated the documents.
Hitachi court petition to wind up Fusionex, expose grim why not try these out image of alleged unethical and irresponsible carry out by Ivan Teh and his senior leadership
The Court docket has also tasked the interim liquidators of your Fusionex Group of companies to problem a report around the status of your business enterprise and money affairs of the businesses. It truly is hoped that such a report will also lose some mild over the point out of Fusionex.
There is market place speak that Ivan has an fascination in the corporate Despite the fact that his identify doesn't show up as a shareholder or director and someone acquainted with V-Circle tells DNA that Ivan has no interest in the organization.
In accordance with a skilled attorney acquainted with liquidation matters, “Hitachi, as the only real shareholder, could have retained its winding up petition in a simple and superficial stage.
"We imagine the business's stocks are truly undervalued and we believe it can perform way far better," stated Teh.
As it was mentioned on Purpose, and excluding the global organization tech gamers, Fusionex has developed into one of the bigger large knowledge remedies companies in Asia. Its clientele has also amplified enormously.
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Hitachi found, for their shock, that from Sept to Nov, at least one hundred ten employees had possibly resigned or been retrenched. The directors were not knowledgeable of the significant predicament.