In accordance with its winding up petition, Hitachi stated it had been alerted by Ivan in Sept 2023 that the company experienced experienced a pointy drop in revenue accompanied by a shocking revelation from Ivan at a gathering on 27 Oct 2023 that it would wish to chop expenses, including instant retrenchments, without which it will not be in a position to fulfill its economic obligations by Nov/Dec and the retrenchments would call for large compensation.
Hitachi explained this as “shocking” as being the users on the Audit Committee had been also directors of Fusiotech and should have unrestricted usage of its monetary information.
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A Hitachi Japan spokesperson informed DNA that Hitachi had no option but to close the business down, describing it as being the “most careful study course of motion to proactively deal with and minimise the impact to Absolutely everyone concerned.
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“The former senior management departed the company quickly with no type of handover of your management as well as operations.
Hitachi court petition to end up Fusionex, expose grim photo of alleged unethical and irresponsible conduct by Ivan Teh and his senior Management
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