The fusionex Diaries
The fusionex Diaries
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This time they mentioned the Fusionex Team necessary the US$100 million to US$one hundred fifty million funding to fortify its R&D. No mention was product of needing The cash to stabilise the team.
Dato’ Seri Ivan Teh has over eighteen years of encounter within the ICT industry, and he has led groups in HP along with Accenture just before founding Fusionex. He is routinely invited to provide talks, present his views and share insights in boards and gatherings globally.
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He went on to add, “It is totally nonsensical to state that there is a so referred to as govt directive to withhold information and facts from overseas nationals Which this applies to foreigners who are within the board. There isn't a such thing and it can be just an excuse to withhold details from your Board.”
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Hitachi discovered, to their shock, that from Sept to Nov, at least 110 staff members had either resigned or been retrenched. The directors were not knowledgeable of this significant problem.
It is a surprising fall, without the need of parallel in Malaysia’s tech historical past. More so, as Ivan would be the closest thing to becoming the golden boy for Malaysian tech, developing a organization to contend within the company tech House towards global tech players.
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But this ask for with the house owners of the business and its appointed directors and audit committee was denied by Ivan, all within the pretext of some “govt directive” that prevented him from sharing financial information and facts sought by Hitachi in a corporation they owned, one hundred%.
A Hitachi Japan spokesperson told DNA that Hitachi experienced no decision but to shut the company down, describing it because the “most careful system of action to proactively regulate and minimise the affect to Every person involved.
“In essence the corporate is winding down. There lots of people who find themselves concerned While using the uncertainty. Supplied their abilities as well as their profile, most would've no challenge obtaining a position quickly, that’s my guess,” website link claimed the worker.
In a prepared reaction handed to Ivan within the day with the Conference, Hitachi expressed grave concern about The dearth of communications and transparency by Ivan and his Management group in excess of the particular mother nature of the monetary predicament of Fusionex.
Based on an experienced attorney familiar with liquidation matters, “Hitachi, as the only shareholder, could have retained its winding up petition in a basic and superficial degree.
There may be market place discuss that Ivan has an interest in the corporate Despite the fact that his name won't show up as being a shareholder or director and a person aware of V-Circle tells DNA that Ivan has no interest in the corporation.