The fusionex Diaries
The fusionex Diaries
Blog Article
In line with its winding up petition, Hitachi explained it was alerted by Ivan in Sept 2023 that the corporate experienced suffered a sharp fall in revenue accompanied by a stunning revelation from Ivan at a gathering on 27 Oct 2023 that it would wish to cut charges, together with rapid retrenchments, without having which it may not be capable of fulfill its fiscal obligations by Nov/Dec and the retrenchments would call for large compensation.
Hitachi’s attorneys have been also not presented a replica on the directive and have been only permitted to look at it without the need of having any notes all through a gathering in between The 2 sides in KL on 23 Nov.
Additionally it is not identified if Hitachi has arrived at out to any customers to assist them, although these initiatives are Obviously handicapped by it not understanding who Fusionex’s prospects even are further than the big kinds the place the contract wins have been accompanied by media releases.
Hitachi court docket petition to end up Fusionex, reveal grim photograph of alleged unethical and irresponsible conduct by Ivan Teh and his senior Management
All four carriers subsequently emerged from individual bankruptcy defense. Northwest typical stock shares dropped more than fifty% for the second time in 3 times adhering to the news, mostly since the inventory is generally cancelled as Element of the personal bankruptcy procedure. In the next weeks, Northwest Airlink carriers Mesaba Airways and Pinnacle Airways the two introduced that Northwest Airlines experienced skipped payments to them for his or her Airlink traveling. Northwest also introduced ideas to shrink its Airlink fleet by in excess of forty five plane. Mesaba Aviation filed for Chapter 11 Individual bankruptcy on Oct 13, 2005.[34]
There's current market talk that Ivan has an curiosity in the company While his identify does not appear for a shareholder or director and an individual accustomed to V-Circle tells DNA that Ivan has no real interest in the corporation.
But a transparent photo emerges within the unusually thorough winding up petition submitted by Hitachi, viewed by DNA, the place Hitachi chronologically lists a series of actions by Ivan and his Management group about a 15-thirty day period time period which is sweeping and spectacular in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.
Items with the airplane ended up seen falling, plus the plane was discovered on the bluff to the east facet of the Mississippi River. The cause of the crash was the fatigue with the remaining-wing, causing it to separate within the aircraft and precipitating the plunge. 37
It is a surprising slide, devoid of parallel in Malaysia’s tech historical past. Additional so, as Ivan is definitely the closest detail to staying the golden boy for Malaysian tech, creating a company to compete within the organization tech Place in opposition to worldwide tech players.
After landing, the captain shut down on the list of aircraft's engines, inadvertently disabling the remaining Doing the job hydraulic technique. 6 men and women were hurt and both of those he said planes were significantly ruined.[112] The Airbus A319 was afterwards fixed and it is at this time in provider with Delta Air Lines as of December 2022.
Suspicious transactions pertaining to V-Circle and Convedge for ‘computer software growth charges’ and/or ‘know-how costs’
As of publishing of this post, Ivan has not responded to DNA queries to acquire his side on the Tale.
A few days later on the inhouse legal counsel for Fusionex confirmed Hitachi’s lawyers a replica of A different ‘govt directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any knowledge with the audit committee.
Inside a environment exactly where connections and relationships weave the fabric of accomplishment and prosperity, networking situations stand as the bedrock of Expert progress. Akin to tributaries of an incredible river, these gatherings carry together people from various backgrounds, fostering options for cooperation and collaboration, occupation improvement plus the profound exchange of Tips.
About us Fusionex is a global, multi-award successful facts technology service provider with a robust around the world presence. Fusionex works with quite a few fortune 500 shoppers in America, Europe and also the Asia Pacific area, bringing revolutionary and breakthrough Thoughts and remedies to its customers.