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Teh hopes to receive existing shareholders support for this proposed exercise. He believes that all those who have the company’s pursuits at coronary heart would comprehend The explanations for your delisting. 

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Hitachi put 5 of its executives as non-government administrators around the board with Ivan and his CFO, Chen Chiang as executive administrators.

"Comparable to our IPO not getting the tip of the organization’s journey then, the proposed delisting of Fusionex is just the beginning of a brand new chapter into the Tale of the organization as well as the rise of a brand new commencing," he tells DNA our website in an job interview.

The senior management departed the company abruptly, leaving Hitachi and not using a official handover of management and operations. This departure integrated a lack of sharing information and facts regarding the continuity of Fusionex's operation and organization during their exit.”

The catalyst for The existing problem started when Hitachi, as A part of its possibility administration and corporate governance exactly where it conducts an internal audit of its subsidiaries each individual three many years, gave Ivan notice in Aug 2022 that it meant to do an audit on Fusionex Team and Fusiotech Holdings in March 2023.

Also, all data associated with the continuity in the Fusionex operations and business enterprise wasn't shared prior to or handed over all through their departure,” mentioned the files.

“The earlier senior administration departed the corporate right away with none type of handover of your administration plus the functions.

Hitachi found out, for their shock, that from Sept to Nov, at least one hundred ten staff members experienced possibly resigned or been retrenched. The administrators weren't educated of this significant scenario.

Exceptionally, Hitachi claimed cabinets during the finance department “appeared to happen to be emptied out” Using the monetary records and administration accounts on the Fusionex Group and Fusiotech Holdings nowhere to get located, except for the equilibrium sheet and consolidated assertion of financial placement as at 30.nine.2023.  

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