But this request with the entrepreneurs of the corporate and its appointed directors and audit committee was denied by Ivan, all on the pretext of some “federal government directive” that prevented him from sharing monetary information sought by Hitachi in a company they owned, one hundred%.

It can be a surprising slide, with no parallel in Malaysia’s tech history. Extra so, as Ivan may be the closest matter to getting the golden boy for Malaysian tech, creating a firm to contend inside the organization tech Area against international tech players.

“Only then we will discover out the cause of the investigation. Something at this point of time is very speculative right until the investigation is finish.

Astoundingly, there was also no finish list of staff e-mails, which Kumazaki asked for therefore he could clarify issues towards the team. Kumazaki and the new Management crew who arrived in needed to compile a list manually. A senior HR govt was also accused of remaining uncooperative.

This transfer will strongly maximize, obtain and safe new client bases, systems and skills that Fusionex has cultivated from the Asian area

Finally, as mentioned by Hitachi in its winding up papers, Fusionex was “possibly in the zone of insolvency” and “not able to continue carrying on its business enterprise in its latest condition.”

In the meantime DNA has learnt that a previous Fusionex job supervisor for A significant authorities account has achieved out to the government company to reassure them that their Fusionex crafted and operate platform might be managed and saved jogging efficiently submit Fusionex.

But a transparent photo emerges in the unusually comprehensive winding up petition filed by Hitachi, considered by DNA, where by Hitachi chronologically lists a number of actions by Ivan and his Management group above a 15-month time period that is certainly sweeping and amazing in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.

“Only then we will find out these details the cause of the investigation. Nearly anything at this point of your time is highly speculative until eventually the investigation is total.

You might be using a browser that may not supported by Facebook, so we've redirected you to a less complicated Variation to supply you with the very best experience.

The management group and also the CEO owe a fiduciary responsibility on the Board and cannot withhold any information and facts requested from the Board,” he claimed.

The catalyst for The present situation started when Hitachi, as part of its possibility administration and corporate governance where by it conducts an internal audit of its subsidiaries each individual 3 many years, gave Ivan recognize in Aug 2022 that it meant to do an audit on Fusionex Group and Fusiotech Holdings in March 2023.

Lots of expressed shock and disbelief that not merely Ivan, but users of his Management group could behave in this sort of an unprofessional, unethical and irresponsible method. “If This can be legitimate, And that i Truthfully uncover it tough to feel, then they've opened themselves to authorized action from Hitachi as well as possible censure from your Skilled bodies They're users of,” explained 1 tech ecosystem chief with a powerful company track record.

I am other involved which the steps in the Fusiotech administration crew may have deeper repercussions to the ecosystem especially foreign traders and possible acquirers of Malaysian startups.”