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

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"It would seem that the the latest incidents may very well be triggered by some celebration which wants to circumvent the delisting from happening, and also to gain from the share value tumbling," proposed the supply.  

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According to a highly trained law firm acquainted with liquidation issues, “Hitachi, as the only real shareholder, might have saved its winding up petition at a essential and superficial amount.

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“The past senior administration departed the organization immediately with no form of handover on the management as well as operations.

Hitachi found, to their shock, that from Sept to Nov, at the very least a hundred and ten staff had either resigned or been retrenched. The administrators weren't knowledgeable of the significant condition.

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The Courtroom has also tasked the interim liquidators on the Fusionex Group of corporations to difficulty a report over the standing from the business and economical affairs of the businesses. It is hoped that this kind of report may even shed some gentle within the state of Fusionex.

The senior administration departed the her explanation company abruptly, leaving Hitachi and not using a official handover of company website administration and functions. This departure included an absence of sharing information concerning the continuity of Fusionex's operation and organization through their exit.”

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In its place, Hitachi went to great lengths in its courtroom papers to update the court docket with fantastic depth of depth of all of the irregularities and alleged wrongdoings that occurred.”