Extremely, Hitachi claimed cupboards inside the finance Division “appeared to have already been emptied out” with the economic documents and administration accounts of the Fusionex Team and Fusiotech Holdings nowhere to get found, apart from the harmony sheet and consolidated assertion of financial position as at thirty.9.2023.  

Ahead of my accessing the Hitachi winding up petition papers, I'd spent Nearly two weeks asking business gamers, recent and previous Fusionex workers about what might have long gone Improper but with very little light on what could have triggered this drastic determination by Hitachi.

An ecosystem chief acquainted with the contents of Hitachi’s winding up petition didn't mince his viewpoint in the alleged behaviour by Ivan and his Management team.

Also, all information and facts concerning the continuity in the Fusionex operations and small business wasn't shared just before or handed over in the course of their departure,” said the documents.

As of publishing of this short article, Ivan hasn't responded to DNA queries to have his side with the story.

The senior management departed the company abruptly, leaving Hitachi without having a official handover of administration and functions. This departure integrated an absence of my site sharing info regarding the continuity of Fusionex's operation and company all through their exit.”

Suspicious transactions pertaining to V-Circle and Convedge for ‘application enhancement fees’ and/or ‘technological know-how charges’

This sort of was Hitachi’s self confidence in Ivan that it left him and his management staff totally answerable for jogging FusioTech Holdings, the new organization proven article its acquisition.

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“Only then we will discover out the reason for the investigation. Anything at this stage of your time is extremely speculative right until the investigation is entire.

“The prior senior management departed the company right away without any type of handover from the management and also the operations.

It had been not simply the motion to wind up, however the news that Ivan and many of his Management staff Stop their Work opportunities abruptly with out serving due notice and didn't execute their Qualified and fiduciary responsibilities with a proper handover of access and paperwork.