About VCI World Limited VCI Global is often a multi-disciplinary consulting group with important advisory methods while in the parts of enterprise and technologies. The business supplies organization and boardroom strategy services, Trader relation companies, and technological know-how consultancy providers.
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However the dust just isn't going to settle on this story as Ivan and his senior execs who remaining abruptly are hoping for. Not when the answer to Hitachi’s drastic winding up application is laid bare in the specific court docket submission.
Hitachi put five of its executives as non-govt administrators about the board with Ivan and his CFO, Chen Chiang as executive administrators.
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“This choice stems through the insurmountable troubles arising within the insufficient handover of records and information from the earlier management, which properly left Hitachi with no kind of knowledge associated with the management, operations, and continuity of your organization of Fusionex Group,” he stated.
In line with its winding up petition, Hitachi claimed it absolutely was alerted by Ivan in Sept 2023 that the company had suffered a sharp drop in revenue accompanied by a shocking revelation from Ivan at a meeting on 27 Oct 2023 that it would need to cut expenses, which includes instant retrenchments, with out which it will not be in the position to fulfill its money obligations by Nov/Dec and the retrenchments would call for massive payment.
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Suspicious transactions pertaining to V-Circle and Convedge for ‘software package improvement expenditures’ and/or ‘technologies costs’
Hitachi’s lawyers had been also not offered a replica with the directive and had been only allowed to look at it without having taking any notes throughout a gathering among The 2 sides in KL on 23 Nov.
“Only then we will find out the cause of the investigation. Anything at this point of time is highly speculative right until the investigation is full.
In its place, Hitachi went to excellent lengths in its courtroom papers to update the courtroom with wonderful depth of depth of the many irregularities and alleged wrongdoings that took place.”
In line with a skilled attorney familiar with liquidation matters, “Hitachi, as the sole shareholder, could have held its winding up petition in a fundamental and superficial stage.
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