As of publishing of this post, Ivan hasn't responded to DNA queries to acquire his facet in the Tale.
The winding up petition towards the Fusionex Group of organizations are still pending before the court docket and with the Court docket Listening to the petition in Might 2024.
Hitachi positioned 5 of its executives as non-executive administrators to the board with Ivan and his CFO, Chen Chiang as government administrators.
Astoundingly, there was also no entire listing of workers emails, which Kumazaki asked for therefore he could demonstrate matters into the employees. Kumazaki and The brand new Management team who arrived in had to compile a listing manually. A senior HR government was also accused of being uncooperative.
The catalyst for The existing situation began when Hitachi, as Portion of its risk administration and corporate governance the place it conducts an inside audit of its subsidiaries just about every a few several years, gave Ivan detect in Aug 2022 that it intended to do an audit on Fusionex Group and Fusiotech Holdings in March 2023.
It absolutely was not only the movement to end up, but the information that Ivan and plenty of of his Management crew Give up their Positions abruptly with out serving due detect and did not execute their Specialist and fiduciary obligations with a suitable handover of entry and files.
But a transparent picture emerges through the unusually in depth winding up petition filed by Hitachi, viewed by DNA, wherever Hitachi chronologically lists a number of steps by Ivan and his leadership group around a 15-month period of time that is sweeping and breathtaking in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.
Hitachi court docket petition to wind up Fusionex, reveal grim photograph of alleged unethical and irresponsible carry out by Ivan Teh and his senior leadership
Suspicious transactions pertaining to V-Circle and Convedge for ‘application advancement prices’ and/or ‘know-how charges’
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This incorporated a conversation having a former senior executive who tried to persuade me not to jot down with regards to the make a difference.
A few days afterwards the inhouse authorized counsel for Fusionex confirmed Hitachi’s legal professionals a copy of Yet another ‘govt directive’ dated 27 Nov which presupposed to prohibit Fusionex from sharing any facts Along with the audit index committee.
This commenced a number of backwards and forwards in between Ivan and Hitachi, outlined in its petition, where Hitachi wanted to work out its lawful rights as homeowners of Fusionex and with Ivan and his Management team providing several factors to obstruct this, chief of which was a purported ‘governing administration directive’ that prevented Ivan from sharing delicate information with foreign parties.
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