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According to a highly trained law firm knowledgeable about liquidation issues, “Hitachi, as the sole shareholder, might have retained its winding up petition in a standard and superficial degree.

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The administration staff as well as the CEO owe a fiduciary obligation towards the Board and cannot withhold any information and facts requested because of the Board,” he claimed.

Hitachi described this as “surprising” given that the associates with the Audit Committee have been also administrators of Fusiotech and should have unrestricted usage of its economical data. 

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Hitachi court petition to wind up Fusionex, expose grim picture he has a good point of alleged unethical and irresponsible carry out by Ivan Teh and his senior leadership

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Based on its winding up petition, Hitachi stated it was alerted by Ivan in Sept 2023 that the corporation had experienced a sharp drop in earnings followed by a stunning revelation from Ivan at a gathering on 27 Oct 2023 that it would want to cut prices, including rapid retrenchments, without the need of which it is probably not ready to fulfill its monetary obligations by Nov/Dec and the retrenchments would require huge compensation.

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The Deputy Minister believes that the strategic alliance in between MATRADE and Fusionex demonstrates their shared commitment to having Malaysia’s trade to new heights. Fusionex’s investments, improvements, and disruptive contributions have performed a vital role in shaping the country’s company landscape.

A few days later the inhouse legal counsel for Fusionex showed Hitachi’s attorneys a duplicate of A further ‘govt directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any facts with the audit committee.

Ahead of my accessing the Hitachi winding up petition papers, I'd invested Practically two months inquiring market players, recent and past Fusionex staff about what could have gone Erroneous but with very little gentle on what might have caused this drastic final decision by Hitachi.