The senior management departed the company abruptly, leaving Hitachi and not using a formal handover of management and functions. This departure integrated an absence of sharing information regarding the continuity of Fusionex's operation and small business through their exit.”

In a written reaction handed to Ivan on the day with the meeting, Hitachi expressed grave problem about The dearth of communications and transparency by Ivan and his leadership staff over the actual mother nature from the fiscal problem of Fusionex.

Coupled with our substantial fleet of McElroy HDPE pipe fusion gear, we have Accredited factory-educated fusion experts and trainers who are capable of supplying on-web page HDPE fabrication education.

Within the surface area amount, plainly minority shareholders and big shareholders like Teh are the biggest casulties.

As of publishing of this text, Ivan hasn't responded to DNA queries to have his side of the Tale.

It's also not known if Hitachi has achieved out to any buyers to assistance them, nevertheless these kinds of endeavours are Plainly handicapped by it not understanding who Fusionex’s prospects even are past the big ones where by the contract wins ended up accompanied by media releases.

Information contained in this information release is present as of your date in the press announcement, but may be subject to change with out prior discover.

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Hitachi placed five of its executives as non-government administrators to the board with Ivan and his CFO, Chen Chiang as govt administrators.

"He signed an irrevocable declaration to vote in favour of your delisting," mentioned the resource, who declined to be name as a result of sensitivity of the knowledge. 

  The winding up petition from the Fusionex Group of corporations are still pending prior to the court docket and With all the Courtroom hearing the petition in May 2024.

This began a series of back and forth in between Ivan and Hitachi, outlined in its petition, during which Hitachi needed to workout its authorized rights as owners of Fusionex and with Ivan and his Management staff offering read the article a variety of motives to obstruct this, Main of which was a purported ‘governing administration directive’ that prevented Ivan from sharing delicate knowledge with international parties.

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