Hitachi placed 5 of its executives as non-government directors around the board with Ivan and his CFO, Chen Chiang as government directors.

Teh hopes to obtain present shareholders guidance for this proposed exercise. He believes that whoever has the organization’s passions at heart would fully grasp The explanations for the delisting. 

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

A couple of days afterwards the inhouse legal counsel for Fusionex confirmed Hitachi’s legal professionals a duplicate of An additional ‘authorities directive’ dated 27 Nov which presupposed to prohibit Fusionex from sharing any info with the audit committee.

But this request via the owners of the organization and its appointed directors and audit committee was denied by Ivan, all over the pretext of some “federal government directive” that prevented him from sharing economic info sought by Hitachi in a firm they owned, 100%.

Finally, as mentioned by Hitachi in its winding up papers, Fusionex was “most likely during the zone of insolvency” and “not able to carry on carrying on its company in its present-day Your Domain Name state.”

Teh highlighted which the delisting of Fusionex on Purpose was undoubtedly not the "conclusion in the street" for the business, but instead allows Fusionex to target its Strength and to invest for the long run making sure that it is able to reach a more rapidly and more practical advancement.

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“This conclusion stems with the insurmountable problems arising with the inadequate handover of documents and information with the preceding administration, which proficiently left Hitachi with no kind of information regarding the management, functions, and continuity of your small business of Fusionex Team,” he stated.

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