This started out a series of forwards and backwards involving Ivan and Hitachi, outlined in its petition, during which Hitachi wanted to training its lawful rights as owners of Fusionex and with Ivan and his leadership workforce giving various good reasons to obstruct this, Main of which was a purported ‘authorities directive’ that prevented Ivan from sharing sensitive details with overseas functions.

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An ecosystem chief aware of the contents of Hitachi’s winding up petition didn't mince his opinion of the alleged behaviour by Ivan and his leadership group.

Hitachi courtroom petition to wind up Fusionex, expose grim picture of alleged unethical and irresponsible perform by Ivan Teh and his senior Management

It's also not recognized if Hitachi has arrived at out to any clients to support them, though this kind of initiatives are Obviously handicapped by it not being aware of who Fusionex’s prospects even are beyond the big kinds exactly where the agreement wins had been accompanied by media releases.

As outlined by its winding up petition, Hitachi stated it had been alerted by Ivan in Sept 2023 that the business experienced experienced a pointy fall in profits accompanied by a stunning revelation from Ivan at a meeting on 27 Oct 2023 that it would wish to cut expenditures, such as fast Resources retrenchments, with no which it will not be able to meet its financial obligations by Nov/Dec and the retrenchments would involve large compensation.

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There may be market place talk that Ivan has an fascination in the company Despite the fact that his identify would not look to be a shareholder or director and someone familiar with V-Circle tells DNA that Ivan has no interest in the corporate.

“The final working day of work for all staff was on Feb 29, 2024. Throughout the time period foremost nearly the employees' previous working day, the ILs collected laptops and electronic equipment which were of their possession and performed exit interviews.