The winding up petition in opposition to the Fusionex Group of firms remain pending before the court docket and with the Courtroom hearing the petition in May well 2024.
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Within a penned reaction handed to Ivan over the day in the Assembly, Hitachi expressed grave issue more than the lack of communications and transparency by Ivan and his Management crew about the particular character with the money circumstance of Fusionex.
“If That is verified to be real, then I'm certainly astounded with the steps of the administration team in working with their very own Board and shareholder. Hitachi is the only real shareholder of the business and so they, along with the Board they appointed, have comprehensive authority and electrical power to entry all and any firm doc they desire.
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Hitachi court docket petition to wind up Fusionex, expose grim image of alleged unethical and irresponsible perform by Ivan Teh and his senior leadership
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This time they said the Fusionex Team essential the US$one hundred million to US£150 million funding to reinforce its R&D. No point out was made from needing content The cash to stabilise the team.
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A few days later the inhouse lawful counsel for Fusionex confirmed Hitachi’s legal professionals a replica of A further ‘government directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any pop over to this site info Along with the audit committee.
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