The fusionex Diaries

The fusionex Diaries

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As of publishing of this informative article, Ivan hasn't responded to DNA queries for getting his side of the story.

But a transparent photograph emerges in the unusually comprehensive winding up petition filed by Hitachi, seen by DNA, where by Hitachi chronologically lists a series of steps by Ivan and his leadership workforce more than a 15-month period that is certainly sweeping and amazing in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.

“The earlier senior administration departed the organization promptly with no sort of handover from the management plus the functions.

"It would appear that the modern incidents could be activated by some celebration which would like to prevent the delisting from happening, as well as to benefit from the share price tag tumbling," suggested the resource.  

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This time they stated the Fusionex Group required the US$100 million to US£150 million funding to fortify its R&D. No point out was made of needing The cash to stabilise the team.

  Hitachi's Superior digital methods, companies, and systems for turning facts into insights to travel electronic innovation

There's sector chat that Ivan has an desire in the business although his identify doesn't show up as a shareholder or director and someone familiar with V-Circle tells DNA that Ivan has little interest in the company.

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According to its winding up petition, Hitachi stated it was alerted by Ivan in Sept 2023 that the business had suffered a pointy drop in earnings accompanied by a stunning revelation from Ivan at a gathering on 27 Oct 2023 that it would want to cut expenses, including fast retrenchments, without the need of which it is probably not able to fulfill its economical obligations by Nov/Dec and which the retrenchments would call for significant compensation.

The ecosystem leader goes on to mention, “The Petition is highly harmful to your management group who may have a accountability to clarify by themselves.

The petition contains a chronological get of astonishing occasions the place Hitachi accuses Ivan and customers of his senior Management workforce of, “refusal to provide distinct fiscal disclosures, the unexplained resignation of crucial personnel, and the lack of any records of customers, suppliers, and staff which reveal unethical and irresponsible small business carry out.”