Suspicious transactions pertaining to V-Circle and Convedge for ‘program enhancement fees’ and/or ‘technological innovation costs’
It is actually a shocking fall, with out parallel in Malaysia’s tech history. Additional so, as Ivan would be the closest thing to being the golden boy for Malaysian tech, creating a business to contend during the organization tech Area versus world-wide tech players.
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In 2017, Fusionex withdrew the listing of its shares from London Stock Trade AIM being A personal enterprise, below 5 years right after its oversubscribed First community giving.
As of publishing of this information, Ivan has not responded to DNA queries to obtain his facet on the story.
This began a number of forwards and backwards involving Ivan and Hitachi, outlined in its petition, through which Hitachi needed to workout its legal legal rights as homeowners of Fusionex and with Ivan and his leadership crew providing numerous causes to obstruct this, chief of which was a purported ‘governing administration directive’ that prevented Ivan from sharing sensitive knowledge with foreign get-togethers.
Unbelievably, Hitachi mentioned cabinets while in the finance Section “appeared to are actually emptied out” Together with the monetary records and management accounts of the Fusionex Team and Fusiotech Holdings nowhere to generally be discovered, apart from the stability sheet and consolidated statement of monetary situation as at 30.9.2023.
Since it was listed on AIM, and excluding the worldwide company tech players, Fusionex has developed into one of several greater large information solutions suppliers in Asia. Its clientele has also enhanced immensely.
Regardless of the progress, the organization's inventory has remained mainly flattish over the past 15 months (excluding the current tumble).
intends to end up. See table.) and to enable a real and reasonable assessment with the financial gain and reduction accounts and balance sheets.”
Meanwhile DNA has learnt that a former Fusionex project supervisor for A significant federal government account has reached out to The federal government agency to reassure them that my explanation their Fusionex constructed and operate platform will be maintained and saved managing efficiently post Fusionex.
It is additionally not identified if Hitachi has attained out to any customers to guidance them, although these efforts are Obviously handicapped by it not recognizing who Fusionex’s consumers even are further than the big kinds exactly where the agreement wins ended up accompanied by media releases.
It is actually thought that other ex-Fusionex executives have also been reaching out to important government and personal sector clientele as well, assuring them of guidance however It's not clear through which company.
In line with its winding up petition, Hitachi reported it absolutely was alerted by Ivan in Sept 2023 that look at these guys the organization had experienced a pointy fall in profits accompanied by a stunning revelation from Ivan at a gathering on 27 Oct 2023 that it would want to chop expenditures, including instant retrenchments, without having which it will not be ready to fulfill its financial obligations by Nov/Dec and which the retrenchments would require large payment.