But a transparent picture emerges through the unusually thorough winding up petition filed by Hitachi, considered by DNA, in which Hitachi chronologically lists a series of actions by Ivan and his Management group around a 15-month interval that's sweeping and spectacular in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.

There is certainly sector chat that Ivan has an fascination in the corporate Though his title won't surface like a shareholder or director and a person accustomed to V-Circle tells DNA that Ivan has no real interest in the corporate.

Hitachi court petition to end up Fusionex, reveal grim picture of alleged unethical and irresponsible perform by Ivan Teh and his senior leadership

“The earlier senior management departed the organization right away without any method of handover from the administration along with the operations.

It stays for being found if Ivan will come out and protect himself and his popularity against the harming contents of Hitachi’s petition. Any potential he hopes to acquire of nevertheless becoming a vital Section of Malaysia’s tech ecosystem will depend on this.

Dato’ Seri Ivan Teh has above 18 yrs of experience during the ICT sector, and he has led groups in HP as well as Accenture prior to founding Fusionex. He's usually invited to give talks, current his views and share insights in community forums and gatherings globally.

Rather, Together with the courtroom previously appointing interim liquidators from Deloitte Restructuring Solutions PLT on 27 Dec, agreeing with Hitachi’s argument the dire circumstance Fusionex faces needs urgency, the concern is Fusionex will cease to exist, with the only remnants getting its billboards around the Klang Valley, ready to generally be taken down at the same time.

It's also not recognized if Hitachi has reached out to any shoppers to help them, though these attempts are clearly handicapped by it not recognizing who Fusionex’s consumers even are further than the large types where by the agreement wins were being accompanied by media releases.

Suspicious transactions pertaining to V-Circle and Convedge for ‘software package progress fees’ and/or ‘technologies expenses’

It absolutely was not only the movement to end up, nevertheless the news that Ivan and plenty of of his Management group Give up their Work opportunities abruptly with no serving because of notice and did not execute their Skilled and fiduciary obligations with a suitable handover of access and paperwork.

They may have gone to courtroom but it surely must endure a hearing ahead of something can take position. So I’m not sure if the Listening to is going to take place. All this is completed by Hitachi’s legal professionals.”

It's believed that other ex-Fusionex executives have also been achieving out to essential governing administration and personal sector consumers at the same time, assuring them of assist even though It's important source not distinct by which enterprise.

“If This is often verified for being accurate, then I'm genuinely astounded by the steps from the administration group in handling their unique Board and shareholder. Hitachi is the sole shareholder of the corporation and so they, as well as Board they appointed, have entire authority and power to entry all and any company doc they need.

Based on its winding up petition, Hitachi mentioned it was alerted by Ivan in Sept 2023 that the corporation had experienced a pointy drop in income accompanied by a stunning revelation from Ivan at a meeting on 27 Oct 2023 that it would need to cut expenses, like fast retrenchments, without the need of which it will not be in the position to satisfy its economic obligations by Nov/Dec and which the retrenchments would have to have massive compensation.

The target was to raise, acquire and protected new client bases, systems and skills utilising the sources that Fusionex experienced cultivated inside the Asian location.