Not known Factual Statements About fusionex

Not known Factual Statements About fusionex

Blog Article

In keeping with its winding up petition, Hitachi claimed it absolutely was alerted by Ivan in Sept 2023 that the organization experienced suffered a sharp fall in revenue accompanied by a shocking revelation from Ivan at a gathering on 27 Oct 2023 that it would need to chop costs, including quick retrenchments, devoid of which it will not be in a position to meet up with its money obligations by Nov/Dec and the retrenchments would involve substantial compensation.

In the meantime DNA has learnt that a previous Fusionex undertaking manager for A significant federal government account has reached out to the government agency to reassure them that their Fusionex developed and operate System will be maintained and held managing smoothly article Fusionex.

Lauderdale. Though departing from Chicago, the plane banked to the appropriate and gradually descended right until hitting the bottom. The reason for the crash was mechanical failure of your ailerons. 37

Inside of a penned response handed to Ivan about the day of the meeting, Hitachi expressed grave problem more than The dearth of communications and transparency by Ivan and his leadership crew above the particular nature in the financial problem of Fusionex.

The objective was to improve, receive and protected new customer bases, systems and abilities utilising the assets that Fusionex had cultivated while in the Asian region.

There may be sector converse that Ivan has an desire in the company Though his identify will not look being a shareholder or director and someone knowledgeable about V-Circle tells DNA that Ivan has little interest in the corporation.

Former on the new agreements, Northwest delivered staff members with inventory in exchange for concessions. One example is, in 1993 Northwest pilots, floor workers, and flight attendants been given stock and seats within the board of directors in exchange for fork out cuts.

The senior management departed the corporation abruptly, leaving Hitachi without having a formal handover of administration and operations. This departure involved an absence of sharing data regarding the continuity of Fusionex's operation and small business all through their exit.”

A recurring situation in Northwest's history was its troubled labor relations. In 1998, Northwest walked far from the bargaining table, locked out its pilots (represented from the Air Line Pilots Association, Intercontinental) and shut down the airline for over two months.

They have got long gone to court nevertheless it has to go through a Listening to just before nearly anything can take area. So I’m not sure if the Listening to will take place. All of this is done by Hitachi’s attorneys.”

Suspicious transactions pertaining to V-Circle and Convedge for ‘application growth expenses’ and/or ‘technologies charges’

I'm concerned which the steps in the Fusiotech management crew could possibly have further repercussions for that ecosystem Primarily overseas buyers and future acquirers of Malaysian startups.”

Several expressed shock and disbelief that not merely Ivan, visit our website but customers of his leadership staff could behave in these types of an unprofessional, unethical and irresponsible fashion. “If This is often true, And that i Truthfully come across it challenging to believe that, check my source then they have got opened on their own to authorized motion from Hitachi and in many cases doable censure with the Specialist bodies They can be associates of,” explained just one tech ecosystem leader with a solid corporate background.

Teh highlighted that the delisting of Fusionex on Intention was certainly not the "close of your street" for the company, but alternatively allows Fusionex to emphasis its energy and to invest for the long run so that it can accomplish a speedier and more practical growth.

During the meeting, attended by Jacob Isaac, the Taking care of Director and Chen Chiang, the CFO, a second option was offered which entailed a right pop over here away shareholder funds injection of amongst US$100 million to US$150 million (by mid Nov) to stabilize the group, protect against additional erosion of assurance and loss of customers.