Not known Facts About fusionex

Not known Facts About fusionex

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It can be a stunning tumble, without parallel in Malaysia’s tech history. More so, as Ivan could be the closest factor to becoming the golden boy for Malaysian tech, developing a enterprise to compete during the company tech Room towards global tech gamers.

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"Just like our IPO not remaining the top of the company’s journey then, the proposed delisting of Fusionex is just the beginning of a different chapter into your Tale of the corporation and also the rise of a whole new starting," he tells DNA in an job interview.

Not surprisingly, you'll find other choice indicates to delisting from Goal, like eliminating the nominated advisor of the organization and never choosing a completely new 1.

An government from your company tells DNA, “We want to hold out for more clarity on what truly transpired at Fusionex prior to making any conclusions of assist.”

Suspicious transactions pertaining to V-Circle and Convedge for ‘program development expenditures’ and/or ‘know-how fees’

Teh highlighted the delisting of Fusionex on AIM was absolutely not the "stop from the highway" for the corporate, but rather enables Fusionex to focus its Electricity and to invest for the long run so that it can obtain a more rapidly and more effective expansion.

As of publishing of this text, Ivan has not responded to DNA queries to obtain his facet with the story.

Regardless of the advancement, the corporation's inventory has remained largely flattish over the past fifteen months (with the exception of the current tumble).   

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But a transparent picture emerges within the unusually specific winding up petition filed by Hitachi, considered by DNA, where by Hitachi chronologically lists a number of actions by Ivan and his Management try these out group around a 15-thirty day period period that may be sweeping and breathtaking in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.

Hitachi positioned 5 of its executives as non-govt administrators within the board with Ivan and his CFO, Chen Chiang as government administrators.

This kind of was Hitachi’s assurance in Ivan that it left him and his administration team thoroughly accountable for managing FusioTech Holdings, the new corporation set up article its acquisition.

The catalyst for The present situation commenced when Hitachi, as A part of its possibility administration and corporate governance wherever it conducts an internal audit of its subsidiaries just about every a few decades, gave Ivan recognize in Aug 2022 that it meant to do an audit on Fusionex Team and Fusiotech Holdings in March 2023.