Hitachi placed five of its executives as non-govt administrators about the board with Ivan and his CFO, Chen Chiang as govt administrators.
Based on an experienced law firm acquainted with liquidation issues, “Hitachi, as the only shareholder, might have held its winding up petition at a basic and superficial degree.
The petition consists of a chronological order of astonishing events where by Hitachi accuses Ivan and users of his senior Management crew of, “refusal to supply clear money disclosures, the unexplained resignation of essential personnel, and The shortage of any documents of consumers, suppliers, and workforce which reveal unethical and irresponsible business carry out.”
But a clear picture emerges in the unusually thorough winding up petition submitted by Hitachi, seen by DNA, where by Hitachi chronologically lists a series of actions by Ivan and his leadership crew about a 15-thirty day period period that is certainly sweeping and breathtaking in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.
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Numerous expressed shock and disbelief that not only Ivan, but members of his Management group could behave in this kind of an unprofessional, unethical and irresponsible way. “If This is certainly genuine, and I Actually locate it challenging to imagine, then they've opened by themselves to legal action from Hitachi and even possible censure with the Skilled bodies they are associates of,” claimed a person tech ecosystem chief with a strong corporate qualifications.
Astoundingly, there was also no finish listing of personnel emails, which Kumazaki asked for therefore he could clarify matters to the personnel. Kumazaki and the new Management workforce who arrived in had to compile a list manually. A senior HR government was also accused of becoming uncooperative.
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"He signed an irrevocable declaration to vote in favour in the delisting," explained the source, who declined being name because of the sensitivity of the information.
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Fusionex winding up Remarkable achievements include things like staying the one ASEAN-based mostly organization showcased in Gartner and IDC, affirming the corporation’s credentials in the information engineering marketplace for the area.
As of publishing of this text, Ivan hasn't responded to DNA queries to get his facet of the story.