It's thought that other ex-Fusionex executives have also been reaching out to critical govt and private sector customers at the same time, assuring them of assistance even though It is far from crystal clear through which business.
As outlined by its winding up petition, Hitachi said it was alerted by Ivan in Sept 2023 that the company had experienced a sharp drop in revenue accompanied by a surprising revelation from Ivan at a meeting on 27 Oct 2023 that it would need to cut fees, which include speedy retrenchments, with no which it will not be ready to meet up with its fiscal obligations by Nov/Dec and the retrenchments would require massive compensation.
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intends to end up. See table.) and also to help a real and honest evaluation on the financial gain and loss accounts and stability sheets.”
Hitachi put 5 of its executives as non-govt administrators to the board with Ivan and his CFO, Chen Chiang as govt administrators.
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The petition is made up of a chronological purchase of astonishing occasions where Hitachi accuses Ivan and associates of his senior leadership crew of, “refusal to supply clear monetary disclosures, the unexplained resignation of essential personnel, and The dearth of any records of shoppers, suppliers, and workers which reveal unethical and irresponsible small business carry out.”
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“The former senior administration departed the company right away with none method of handover of your administration and the operations.
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They may have absent to courtroom but it surely has to go through a Listening to in advance of just about anything takes location. So I’m undecided in the event the Listening to will probably happen. All of this is completed by look at this website Hitachi’s attorneys.”
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It is a shocking slide, devoid of parallel in Malaysia’s tech history. Much more so, as Ivan may be the closest thing to becoming the golden boy for Malaysian tech, building a business to compete within the company tech House towards worldwide tech players.