The drastic action was brought on because of the abrupt departure of Fusionex founder, Ivan Teh, and his senior leadership, leaving the company's functions inside of a point out of confusion.

Information and facts contained With this information release is existing as in the date with the press announcement, but could possibly be subject to vary without having prior observe.

This transfer will strongly improve, get hold of and protected new client bases, systems and abilities that Fusionex has cultivated while in the Asian location

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In 2017, Fusionex withdrew the listing of its shares from London Stock Exchange Intention to become a private firm, a lot less than 5 years after its oversubscribed First community presenting.

Btw, this non-cooperation also incorporated a senior secretary who refused to supply the new CEO, Hiroyuki Kumazaki, With all the mobile numbers of many of the senior leadership team and who initially refused handy about her enterprise laptop computer to him. And when she did, it had been found to happen to be cleaned (reformatted to erase all past facts.)

Rather, While using the court docket already appointing interim liquidators from Deloitte Restructuring Providers PLT on 27 Dec, agreeing with Hitachi’s argument that the dire scenario Fusionex faces demands urgency, the worry is Fusionex will cease to exist, with the only remnants being its billboards around the Klang Valley, ready to be taken down too.

Finally, as stated by Hitachi in its winding up papers, Fusionex was “potentially within the zone of insolvency” and “not able to carry on carrying on its small business in its latest condition.”

“This choice stems with the insurmountable challenges arising within the inadequate handover of data and knowledge by the earlier management, which proficiently remaining Hitachi without any sort of data relating to the administration, functions, and continuity of the organization of Fusionex Group,” he said.

Hitachi court petition to wind up Fusionex, reveal grim picture of alleged unethical and irresponsible perform by Ivan Teh and his senior Management

It is believed that other ex-Fusionex executives have also been reaching out to crucial govt and personal sector clients also, assuring them of assist though It's not at all crystal clear by which corporation.

  The winding up petition towards the Fusionex Group of firms are check my site still pending prior to the courtroom and Using the Court hearing the petition in Might 2024.

As of publishing of this text, Ivan hasn't responded to DNA queries to obtain his side on the Tale.

Meanwhile DNA has learnt that a former Fusionex undertaking manager for A significant federal government account has achieved out to the government agency to reassure them that their Fusionex constructed and run System could be taken care of and stored working easily publish Fusionex.