The target was to improve, obtain and safe new buyer bases, technologies and abilities utilising the assets that Fusionex had cultivated from the Asian area.
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This time they stated the Fusionex Team required the US£a hundred million to US£a hundred and fifty million funding to reinforce its R&D. No mention was product of needing the money to stabilise the group.
But a clear picture emerges from the unusually comprehensive winding up petition submitted by Hitachi, considered by DNA, in which Hitachi chronologically lists a series of actions by Ivan and his Management crew over a 15-month interval that is definitely sweeping and amazing in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.
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“This selection stems with the insurmountable difficulties arising through the inadequate handover of data and data by the preceding administration, which properly remaining Hitachi with no variety of knowledge referring to the administration, operations, and continuity with the organization of Fusionex Group,” he stated.
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Hitachi uncovered, to their shock, that from Sept to Nov, at least a hundred and ten staff members had either resigned or been retrenched. The administrators were not educated of this significant condition.
Extremely, Hitachi said cabinets in the finance Section “appeared to happen to be like this emptied out” Together with the economic documents and management accounts of the Fusionex Team and Fusiotech Holdings nowhere to generally be observed, except for the harmony sheet and consolidated assertion of economic place as at thirty.9.2023.
Nevertheless the dust will not be about to decide on this story as Ivan and his senior execs who remaining out of the blue are hoping for. Not when The solution to Hitachi’s drastic winding up software is laid bare during the thorough court submission.
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