FUSIONEX - AN OVERVIEW

fusionex - An Overview

fusionex - An Overview

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Many expressed shock and disbelief that not only Ivan, but associates of his leadership workforce could behave in this kind of an unprofessional, unethical and irresponsible manner. “If This really is genuine, And that i Actually obtain it difficult to consider, then they've opened on their own to legal action from Hitachi and in many cases achievable censure from your Specialist bodies They can be associates of,” reported 1 tech ecosystem chief with a solid corporate history.

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KL20: Dr V Sivapalan on switching the startup narrative, making enduring firms, and nation setting up

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He went on so as to add, “It is absolutely nonsensical to state that there is a so termed government directive to withhold facts from overseas nationals Which this applies to foreigners who will be about the board. There's no these kinds of thing and it's merely an excuse to withhold info through the Board.”

But a clear photo emerges through the unusually thorough winding up petition submitted by Hitachi, seen by DNA, the place Hitachi chronologically lists a number of steps by Ivan and his Management staff around a 15-month time period which is sweeping and breathtaking in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.

“This selection stems in the insurmountable issues arising within the inadequate handover of records and information with the former administration, which effectively left Hitachi with no variety of data relating to the management, operations, and continuity on the small business of Fusionex Team,” he mentioned.

According to its winding up petition, Hitachi said it was alerted by Ivan in Sept 2023 that the business experienced suffered a pointy drop in profits followed by a surprising revelation from Ivan at a gathering on 27 Oct 2023 that it would want to chop costs, which includes instant retrenchments, without the need of which it will not be ready to satisfy its fiscal obligations by Nov/Dec and the retrenchments would call for big compensation.

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Suspicious transactions pertaining to V-Circle and Convedge for ‘application development fees’ and/or ‘know-how fees’

Hitachi’s legal professionals have been also not presented a copy of the directive and ended up only allowed to look at it devoid of using any notes through a gathering involving The 2 sides in KL on 23 Nov.

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But, aiming to assist solve The difficulty, Hitachi set out some pre-problems for Ivan to obtain funding from it, which integrated:

Meanwhile DNA has learnt that a former Fusionex job supervisor for An important governing administration account has arrived at out to The federal government company to reassure them that their Fusionex created and run platform would be managed and stored operating smoothly post Fusionex.

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