But a clear image emerges within the unusually in-depth winding up petition filed by Hitachi, seen by DNA, where by Hitachi chronologically lists a series of steps by Ivan and his leadership team in excess of a 15-thirty day period period that is definitely sweeping and amazing in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.
With the surface degree, evidently minority shareholders and key shareholders like Teh are the most significant casulties.
It's a surprising slide, with out parallel in Malaysia’s tech heritage. Additional so, as Ivan will be the closest factor to currently being the golden boy for Malaysian tech, developing a business to contend from the organization tech space in opposition to world-wide tech players.
“The former senior management departed the corporate promptly with none type of handover on the administration along with the functions.
The senior administration departed the business abruptly, leaving Hitachi and not using a official handover of management and functions. This departure provided a lack of sharing details regarding the continuity of Fusionex's operation and enterprise through their exit.”
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Btw, this non-cooperation also incorporated a senior secretary who refused to offer The brand new CEO, Hiroyuki Kumazaki, Along with the cell quantities of many of the senior Management workforce and who at first refused to hand more than her organization laptop to him. And when she did, it absolutely was discovered to have already been wiped clean (reformatted to erase all prior information.)
The catalyst for The present problem began when Hitachi, as Section of its threat management and company governance in which it conducts an interior audit of its subsidiaries each a few several years, gave Ivan click for info discover in Aug 2022 that it meant to do an audit on Fusionex Group and Fusiotech Holdings in March 2023.
Hitachi placed five of its executives as non-executive directors around the board with Ivan and his CFO, Chen Chiang as executive directors.
This involved a conversation by using a previous senior govt who tried to persuade me not to write with regard to the matter.
The AIM guidelines call for that cancellation of admission to buying and selling on Intention require seventy five% of shareholders to vote in favour instead of a simple bulk of 51%. The higher threshold guarantees a good diploma of minority shareholders to aid the training as well.
A few days afterwards the inhouse authorized counsel for Fusionex showed Hitachi’s lawyers a duplicate of Yet another ‘government directive’ dated 27 Nov which presupposed to prohibit Fusionex from sharing any information While using the audit committee.
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Hitachi’s attorneys have been also not presented a copy from the directive and have been only permitted to look at it with no using any notes in the course of a meeting concerning The 2 sides in KL on 23 Nov.
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