The winding up petition towards the Fusionex Group of companies remain pending ahead of the court docket and Together with the Courtroom Listening to the petition in Might 2024.

“Only then we will find out the cause of the investigation. Everything at this point of time is highly speculative until finally the investigation is total.

In the meantime DNA has learnt that a former Fusionex undertaking supervisor for a major govt account has arrived at out to the government agency to reassure them that their Fusionex designed and operate System could well be maintained and stored jogging effortlessly article Fusionex.

Unbelievably, Hitachi reported cabinets during the finance Section “appeared to are already emptied out” While using the economical information and administration accounts with the Fusionex Group and Fusiotech Holdings nowhere to be located, aside from the stability sheet and consolidated statement of monetary posture as at thirty.9.2023.  

"Of best of that, our key emphasis will keep on being on three issues – rewarding our deserving group associates; Performing toward constantly improving our offerings and know-how to remain in advance with the curve; get the job done to our quest to supply our consumers with good quality products and solutions and choices.

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Several expressed shock why not check here and disbelief that not simply Ivan, but associates of his leadership crew could behave in such an unprofessional, unethical and irresponsible manner. “If this is legitimate, And that i Actually obtain it difficult to imagine, then they have opened themselves to legal motion from Hitachi and even feasible censure from the Expert bodies They can be users of,” reported one tech ecosystem chief with a robust corporate qualifications.

It's also not identified if Hitachi has attained out to any buyers to guidance them, while these endeavours are clearly handicapped by it not figuring out who Fusionex’s shoppers even are outside of click the big ones exactly where the deal wins had been accompanied by media releases.

"We think the organization's shares are actually undervalued and we believe it can perform way superior," mentioned Teh.

Hitachi court docket petition to wind up Fusionex, expose grim photo of alleged unethical and irresponsible conduct by Ivan Teh and his senior Management

But this request via the proprietors of the corporate and its appointed administrators and audit committee was denied by Ivan, all over the pretext of some “govt directive” that prevented him from sharing money info sought by Hitachi in a business they owned, a hundred%.

Despite the progress, the corporation's stock has remained largely flattish in the last 15 months (aside from the current tumble).   

Teh hopes to get existing shareholders assist for this proposed training. He thinks that all those who have the company’s passions at coronary heart would comprehend The explanations with the delisting. 

“Essentially the company is winding down. There lots of people who find themselves fearful Together with the uncertainty. Presented their capabilities and their profile, most would've no challenge obtaining a occupation soon, that’s my guess,” reported the employee.

"It would appear the recent incidents may very well be induced by some party which would like to stop the delisting from occurring, as well as to reap the benefits of the share selling price tumbling," advised the supply.