Hitachi positioned 5 of its executives as non-government administrators on the board with Ivan and his CFO, Chen Chiang as executive administrators.
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Amazingly, Hitachi mentioned cupboards inside the finance department “appeared to are already emptied out” While using the money information and management accounts of the Fusionex Team and Fusiotech Holdings nowhere being identified, aside from the equilibrium sheet and consolidated statement of economic posture as at thirty.9.2023.
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A couple of days later the inhouse legal counsel for Fusionex confirmed Hitachi’s attorneys a replica of Yet another ‘federal government directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any details Along with the audit committee.
The target was to boost, receive and safe new shopper bases, technologies and know-how utilising the means that Fusionex had cultivated in the Asian region.
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“This choice stems with the insurmountable problems arising from the insufficient handover of information and knowledge via the former management, which successfully remaining Hitachi without any sort of data associated with the administration, operations, and continuity of your business enterprise of Fusionex Team,” he stated.
“The prior senior administration departed the corporation immediately without any form of handover with the management plus the functions.
It stays to be noticed if Ivan will occur out and defend himself and his status versus the damaging contents of Hitachi’s petition. Any foreseeable future he hopes to have of nevertheless being a crucial Component of Malaysia’s tech ecosystem will depend on this.
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