About fusionex
About fusionex
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But a clear picture emerges in the unusually detailed winding up petition filed by Hitachi, seen by DNA, where by Hitachi chronologically lists a number of actions by Ivan and his Management crew in excess of a fifteen-month interval which is sweeping and spectacular in scope, outlining flimsy excuses, non transparency and non-cooperation with Hitachi.
A couple of days later on the inhouse legal counsel for Fusionex showed Hitachi’s legal professionals a copy of A different ‘govt directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any details with the audit committee.
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This involved a dialogue that has a former senior executive who attempted to influence me not to put in writing with regards to the make a difference.
They may have absent to courtroom nonetheless it ought to go through a Listening to right before anything normally takes location. So I’m not sure in the event the Listening to is going to occur. All of this is done by Hitachi’s attorneys.”
Suspicious transactions pertaining to V-Circle and Convedge for ‘application development fees’ and/or ‘know-how fees’
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“There are truths, fifty percent truths plus some untruths of the various viewpoints and speculations available. I'd personally mention that we give Ivan some House and in the event the dust settles, We're going to know additional,” claimed The manager.
The winding up petition against the Fusionex Team of organizations remain pending ahead of the court docket and With all the Court Listening to the petition in May 2024.
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Amidst the paucity of data available to it nevertheless, a list of finance ledgers associated with the Fusionex Group (dated 05.07.2023) were being also discovered. In line with Hitachi, “the ledgers showed a number of suspiciously voluminous transactions pertaining to V-Circle’s and Convedge’s ‘software program development charges’ and/or ‘technology expenses’.
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He went on to include, “It is completely nonsensical to state that there's a find here so identified as governing administration directive to withhold data from foreign nationals and that this applies to foreigners who are on the board. There isn't any this kind of detail and it really is just an justification to withhold information through the Board.”