The fusionex Diaries

Hitachi placed 5 of its executives as non-govt administrators to the board with Ivan and his CFO, Chen Chiang as executive directors.

The Ivan in question is Ivan Teh, a hugely respected 47-calendar year-previous, soft spoken, polite entrepreneur using an rigorous perform ethic who Started Fusionex in Malaysia in 2009 and grew it into certainly one of Southeast-Asia’s major analytics and AI firms.

I'm concerned the steps in the Fusiotech administration team might have deeper repercussions with the ecosystem Specifically foreign traders and potential acquirers of Malaysian startups.”

intends to wind up. See table.) and to help a real and honest evaluation with the revenue and reduction accounts and stability sheets.”

Additionally it is not regarded if Hitachi has reached out to any buyers to aid them, though this kind of endeavours are Evidently handicapped by it not recognizing who Fusionex’s clients even are further than the massive types wherever the deal wins were accompanied by media releases.

A few days afterwards the inhouse authorized counsel for Fusionex showed Hitachi’s attorneys a duplicate of another ‘governing administration directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any details With all the audit committee.

But this ask for with the homeowners of the business and its appointed administrators and audit committee was denied by Ivan, all within the pretext of some “govt directive” that prevented him from sharing economic information and facts sought by Hitachi in a business they owned, a hundred%.

Lots of expressed shock and disbelief that not only Ivan, but customers of his Management workforce could behave in these types of an unprofessional, unethical and irresponsible way. “If this is correct, and I honestly discover it tough to find more info imagine, then they have got opened them selves to authorized motion from Hitachi as well as achievable censure from your Experienced bodies They can be customers of,” claimed a person tech ecosystem chief with a strong company history.

Inside a published response handed to Ivan on the day on the Conference, Hitachi expressed grave issue about the lack of communications and transparency by Ivan and his leadership group in excess of the actual character of the monetary circumstance of Fusionex.

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They've gone to court docket however it must experience a Listening to ahead of nearly anything normally takes area. So I’m unsure if the hearing is going to occur. All this is finished by Hitachi’s attorneys.”

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