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“Only then we will find out the cause of the investigation. Anything at this point of time is very speculative until eventually the investigation is complete.
Based on an experienced attorney familiar with liquidation matters, “Hitachi, as the only real shareholder, might have kept its winding up petition at a primary and superficial stage.
A few days later on the inhouse legal counsel for Fusionex confirmed Hitachi’s legal professionals a copy of Yet another ‘government directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any info Along with the audit committee.
But this request with the homeowners of the business and its appointed directors and audit committee was denied by Ivan, all to the pretext of some “govt directive” that prevented him from sharing fiscal data sought by Hitachi in a firm they owned, 100%.
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"Of major of that, our important concentration will keep on being on three points – fulfilling our deserving crew associates; Doing work in direction of continuously maximizing our choices and learn the facts here now know-how to remain ahead in the curve; perform in the direction of our quest to supply our buyers with good quality merchandise and choices.
Still, this was more than enough for Hitachi’s hop over to here attorneys to realise the ‘Government Directive’ was basically a standard letter reminding the recipients to workout warning and stay away from breaching any legal guidelines in relation to the disclosure of knowledge to 3rd parties and foreigners.
Hitachi court docket petition to wind up Fusionex, expose grim photograph of alleged unethical and irresponsible conduct by Ivan Teh and his senior Management
Now we have to have the ability to challenge the status quo and locate an improved way forward.’ We needed to start off matters alongside one another, but most of my close friends back again then had their own Occupations and livelihoods to search after, and many of them were going to get married.
Very, Hitachi said cabinets inside the finance Division “appeared to are emptied out” While using the monetary information and administration accounts of your Fusionex Team and Fusiotech Holdings nowhere to be found, aside from the balance sheet and consolidated statement of financial place as at thirty.nine.2023.
Btw, this non-cooperation also bundled a senior secretary who refused to deliver the new CEO, Hiroyuki Kumazaki, With all the mobile figures of the many senior Management staff and who to begin with refused at hand more than her corporation notebook to him. And when she did, it had been located to are wiped clean (reformatted to erase all former facts.)
“The earlier senior management departed the corporate instantly with none method of handover of the management and also the operations.
This sort of was Hitachi’s assurance in Ivan that it left him and his management group absolutely in charge of operating FusioTech Holdings, the new organization recognized write-up its acquisition.