It's got a headcount of 330 headcount and may focuses on SaaS type purposes that employ AI and info analytics, in addition to consulting on their own introduction and solutions for their integration and operation primarily while in the Asian area.

A few days later the inhouse authorized counsel for Fusionex showed Hitachi’s lawyers a copy of A further ‘authorities directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any knowledge Using the audit committee.

The Court docket has also tasked the interim liquidators of your Fusionex Team of companies to issue a report on the position of the company and economic affairs of the businesses. It is actually hoped that this type of report will likely get rid of some mild to the point out of Fusionex.

In the meantime DNA has learnt that a previous Fusionex challenge supervisor for A serious government account has reached out to The federal government company to reassure them that their Fusionex created and run platform would be preserved and kept running effortlessly article Fusionex.

As of publishing of this article, Ivan has not responded to DNA queries to obtain his side of the story.

The ecosystem leader goes on to convey, “The Petition is extremely harming towards the administration crew who may have a obligation to clarify by themselves.

Hitachi court petition to wind up Fusionex, expose grim photo of alleged unethical and irresponsible perform by Ivan Teh and his senior leadership

But a clear photo emerges with the unusually in-depth winding up petition submitted by Hitachi, considered by DNA, the place Hitachi chronologically lists a series of steps by Ivan and his leadership crew in excess of a fifteen-month time period which is sweeping and amazing in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.

As outlined by its winding up petition, Hitachi said it absolutely was alerted by Ivan in Sept 2023 that the business had endured a pointy fall in profits followed by a surprising revelation from Ivan at a gathering on 27 Oct 2023 that it would need to chop prices, together with fast retrenchments, without having which it may not be capable to meet up with its monetary obligations by Nov/Dec and the retrenchments would need substantial compensation.

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"Comparable to our IPO not staying the end of the corporate’s journey then, the proposed delisting of Fusionex is just the start of a completely new chapter in the story of the corporation as well as the increase of a new starting," he tells DNA within an job interview.

It absolutely was not only the movement to end up, nevertheless the information that Ivan and many of his leadership staff Give up their Employment abruptly with out serving owing see and did not execute their Skilled and fiduciary responsibilities with an appropriate handover of access and documents.