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On top of that, all data relating to the continuity from the Fusionex operations and company wasn't shared in advance of or handed around during their departure,” stated the paperwork.
Several expressed shock and disbelief that not merely Ivan, but customers of his Management group could behave in these an unprofessional, unethical and irresponsible method. “If This can be correct, and I honestly obtain it challenging to believe, then they may have opened them selves to legal action from Hitachi and in many cases probable censure with the Skilled bodies They're customers of,” stated one tech ecosystem leader with a robust company qualifications.
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Hitachi placed five of its executives as non-govt directors around the board with Ivan and his CFO, Chen Chiang as government directors.
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According to its winding up petition, Hitachi reported it was alerted by Ivan in Sept 2023 that the business experienced suffered a sharp fall in profits followed by a surprising revelation from Ivan at a meeting on 27 Oct 2023 that it would wish to chop this hyperlink costs, which includes fast retrenchments, without which it may not be in a position to meet up with its economical obligations by Nov/Dec and which the retrenchments would require large payment.
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Btw, this non-cooperation also provided a senior secretary who refused to supply The brand new CEO, Hiroyuki Kumazaki, Together with the cellular numbers of all of the senior Management workforce and who originally refused to hand more than her business laptop to him. And when she did, it absolutely was discovered to happen to be cleaned (reformatted to erase all preceding info.)
It really is a shocking tumble, without the need of parallel in Malaysia’s tech historical past. Extra so, as Ivan may be the closest detail to becoming the golden boy for Malaysian tech, building a enterprise to contend within the business tech Room from world wide tech players.
This time they said the Fusionex Team necessary the US$a hundred million to US$a hundred and fifty million funding to strengthen its R&D. No mention was made of needing The cash to stabilise the team.
“This final decision stems from the insurmountable issues arising through the insufficient handover of records and data with the former administration, which effectively left Hitachi with none form of information referring to the management, operations, and continuity from the organization of Fusionex Team,” he mentioned.