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The senior management departed the company abruptly, leaving Hitachi without a official handover of administration and functions. This departure provided an absence of sharing data regarding the continuity of Fusionex's Procedure and business through their exit.”

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It is actually a shocking drop, without parallel in Malaysia’s tech historical past. Much more so, as Ivan will be the closest factor to staying the golden boy for Malaysian tech, creating a firm to contend from the business tech House versus world tech players.

In keeping with its winding up petition, Hitachi mentioned it had been alerted by Ivan in Sept 2023 that the corporate experienced suffered a pointy fall in revenue followed by a surprising revelation from Ivan at a meeting on 27 Oct 2023 that it would want to cut expenditures, together with instant retrenchments, without having which it is probably not in a position to meet its monetary obligations by Nov/Dec and which the retrenchments would involve significant payment.

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A lot of expressed shock and disbelief that not merely Ivan, but members of his leadership workforce could behave in these kinds of an unprofessional, unethical and irresponsible fashion. “If That is legitimate, and I Truthfully obtain it difficult to believe that, then they've got opened by themselves to lawful motion from Hitachi and also possible censure from your Qualified bodies they are associates of,” reported 1 tech ecosystem leader with a strong corporate history.

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You can find market place talk that Ivan has an fascination in the company although his identify doesn't show up as being a shareholder or director and someone informed about V-Circle tells DNA that Ivan has no real interest in the company.

But a transparent photo emerges from the unusually thorough winding up petition submitted by Hitachi, seen by DNA, the place Hitachi chronologically lists a series of actions by Ivan and his leadership team in excess of a 15-month period which is sweeping and spectacular in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.

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