The winding up petition in opposition to the Fusionex Group of businesses are still pending before the court docket and with the Courtroom hearing the petition in May possibly 2024.

As of publishing of this text, Ivan hasn't responded to DNA queries for getting his aspect on the story.

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Previous to my getting access to the Hitachi winding up petition papers, I had put in Pretty much two weeks inquiring business gamers, present and previous Fusionex employees about what might have absent Mistaken but with little or no gentle on what could have brought on this drastic conclusion by Hitachi.

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In line with its winding up petition, Hitachi claimed it had been alerted by Ivan in Sept 2023 that the corporate experienced endured a sharp drop in revenue accompanied by a shocking revelation from Ivan at a meeting on 27 Oct 2023 that it would wish to cut costs, such as quick retrenchments, without having which it might not be ready to meet up with its economic obligations by Nov/Dec and that the retrenchments would demand large payment.

"Just like our IPO not remaining the end of the business’s journey then, the proposed delisting of Fusionex is simply the beginning of a brand new chapter to the story of the business plus the increase of a completely new beginning," he tells DNA in an job interview.

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intends to end up. See desk.) also to help a true and good evaluation in the profit and reduction accounts and harmony sheets.”

As an alternative, with the court docket previously appointing interim liquidators from Deloitte Restructuring Companies PLT on over at this website 27 Dec, agreeing with Hitachi’s argument the dire problem Clicking Here Fusionex faces calls for urgency, the dread is the fact that Fusionex will stop to exist, with the sole remnants currently being its billboards across the Klang Valley, ready for being taken down also.

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In the long run, as mentioned by Hitachi in its winding up papers, Fusionex was “possibly within the zone of insolvency” and “not able to continue carrying on its business in its recent condition.”

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