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The management workforce and also the CEO owe a fiduciary duty to your Board and can't withhold any information and facts requested because of the Board,” he explained.

“The prior senior management departed the corporate right away with no form of handover of your administration as well as the operations.

Though the dust will not be going to choose this story as Ivan and his senior execs who still left quickly are hoping for. Not when The solution to Hitachi’s drastic winding up application is laid bare while in the in depth court docket submission.

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It truly is thought that other ex-Fusionex executives have also been reaching out to important federal government and personal sector consumers likewise, assuring them of assist although It's not necessarily crystal clear through which firm.

In the end, as said by Hitachi in its winding up papers, Fusionex was “most likely while in the zone of insolvency” and “not able to carry on carrying on its business enterprise in its recent state.”

“Basically the organization is winding down. There a great deal of people who find themselves worried With all the uncertainty. Given their skills and their profile, most might have no difficulty acquiring a position quickly, that’s my guess,” claimed the worker.

As outlined by its winding up petition, Hitachi reported it had been alerted by Ivan in Sept 2023 that the company experienced suffered a pointy fall in revenue accompanied by a shocking my website revelation from Ivan at a meeting on 27 Oct 2023 that it would need to cut costs, together with fast retrenchments, devoid of which it is probably not in the position to best site meet its economic obligations by Nov/Dec and that the retrenchments would call for significant compensation.

The senior administration departed the organization abruptly, leaving Hitachi without a formal handover of administration and operations. This departure integrated an absence of sharing info regarding the continuity of Fusionex's Procedure and small business throughout their exit.”

In the meantime DNA has learnt that a previous Fusionex task manager for a major governing administration account has attained out to the government company to reassure them that their Fusionex built and run System can be managed and kept running easily article Fusionex.

Several expressed shock and disbelief that not merely Ivan, but associates of his Management team could behave in this kind of an unprofessional, unethical and irresponsible manner. “If This is often correct, And that i honestly uncover it hard to consider, then they've got opened them selves to lawful action from Hitachi and in some cases doable censure from the Specialist bodies They can be members of,” explained a person tech ecosystem chief with a strong corporate track record.

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Dato’ Seri Ivan Teh has more than eighteen yrs of expertise in the ICT sector, and he has led groups in useful link HP in addition to Accenture just before founding Fusionex. He's commonly invited to offer talks, existing his sights and share insights in community forums and situations globally.