In accordance with an experienced law firm knowledgeable about liquidation matters, “Hitachi, as the sole shareholder, could have kept its winding up petition at a simple and superficial level.
Amidst the paucity of knowledge available to it on the other hand, a set of finance ledgers referring to the Fusionex Group (dated 05.07.2023) have been also uncovered. According to Hitachi, “the ledgers confirmed a number of suspiciously voluminous transactions pertaining to V-Circle’s and Convedge’s ‘application enhancement charges’ and/or ‘technological innovation expenses’.
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The aim was to improve, get hold of and safe new consumer bases, systems and skills utilising the methods that Fusionex had cultivated during the Asian area.
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Btw, this non-cooperation also included a senior secretary who refused to provide the new CEO, Hiroyuki Kumazaki, with the cellular numbers of every one of the senior leadership crew and who originally refused handy around her company notebook to him. And when she did, it absolutely was identified to are cleaned (reformatted to erase all preceding data.)
About us Fusionex is a worldwide, multi-award winning info technological know-how provider with a strong around the world existence. Fusionex works with several fortune 500 clientele in America, Europe together with the Asia Pacific location, bringing impressive and breakthrough Thoughts and methods to its customers.
“Only then we will find out the my company cause of the investigation. Anything at this point of time is highly speculative until finally the investigation is comprehensive.
But a transparent picture emerges in the unusually detailed winding up petition filed by Hitachi, seen by DNA, where by Hitachi chronologically lists a series of actions by Ivan and his Management staff over a 15-month time period that is certainly sweeping and breathtaking in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.
The winding up petition in opposition to the Fusionex Group of firms are still pending before the courtroom and Along with the Court docket hearing the petition in May possibly 2024.
In the penned response handed to Ivan around the day in the Assembly, Hitachi expressed grave problem in excess of The shortage of communications and transparency by Ivan and his leadership staff around the particular character with the money predicament of Fusionex.
“The preceding senior administration departed the organization quickly with none form of handover in the management and the operations.
Hitachi put five of its executives as non-executive directors to the board with Ivan and his CFO, Chen Chiang as govt administrators.
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“This conclusion stems from the insurmountable difficulties arising in the inadequate handover of data and knowledge via the former administration, which correctly still left Hitachi with no type of information relating to the administration, functions, and continuity from the organization of Fusionex Group,” he mentioned.