Lots of expressed shock and disbelief that not just Ivan, but associates of his Management staff could behave in such an unprofessional, unethical and irresponsible manner. “If This really is true, And that i honestly obtain it hard to believe that, then they've got opened them selves to authorized motion from Hitachi and also achievable censure in the Experienced bodies They're members of,” explained 1 tech ecosystem leader with a robust corporate history.

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It is actually believed that other ex-Fusionex executives have also been achieving out to important authorities and personal sector customers in addition, assuring them of assist nevertheless it is not obvious by which business.

Amazingly, Hitachi reported cabinets while in the finance Section “appeared to are emptied out” Along with the monetary information and administration accounts of the Fusionex Team and Fusiotech Holdings nowhere being found, except for the stability sheet and consolidated statement of monetary placement as at thirty.nine.2023.  

An ecosystem chief knowledgeable about the contents of Hitachi’s winding up petition didn't mince his viewpoint with the alleged conduct by Ivan and his leadership group.

But a transparent image emerges within the unusually specific winding up petition filed by Hitachi, seen by DNA, where Hitachi chronologically lists a series of steps by Ivan and his Management team over a 15-thirty day period period that is certainly sweeping and amazing in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.

The following day, Fusionex called for a gathering with Hitachi where by it suspended any further conversations dependant on the freshly received government directive, such as not enabling the Audit Committee to meet with Fusionex auditors EY.

It truly is a shocking slide, devoid of parallel in Malaysia’s tech record. A lot more so, as Ivan would be the closest matter to remaining the golden boy for Malaysian tech, developing a enterprise to contend during the company tech space in opposition to world-wide tech players.

The administration staff plus the CEO owe a fiduciary obligation towards the Board and can't withhold any information and facts requested from the Board,” he stated.

But this ask for via the entrepreneurs of the business and its appointed administrators and audit committee was denied by Ivan, all about the pretext of some “government directive” that prevented him from sharing money info sought by Hitachi in a firm they owned, a hundred%.

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It remains being viewed if Ivan will arrive out and defend himself and his standing from the harmful contents of Hitachi’s petition. Any long term he hopes to have of continue to currently being a critical Section of Malaysia’s tech ecosystem will rely on this.

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The ecosystem chief goes on to say, “The Petition is extremely detrimental to your administration workforce who've a duty to explain on their own.

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