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A few days later on the inhouse legal counsel for Fusionex confirmed Hitachi’s lawyers a replica of A different ‘authorities directive’ dated 27 Nov which purported to prohibit Fusionex from sharing any information Using the audit committee.
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Hitachi found out, for their shock, that from Sept to Nov, at least 110 employees experienced both resigned or been retrenched. The administrators weren't knowledgeable of the significant scenario.
Hitachi placed 5 of its executives as non-executive administrators on the board with Ivan and his CFO, Chen Chiang as govt directors.
A Hitachi Japan spokesperson explained to DNA that Hitachi experienced no alternative but to shut the company down, describing it since the “most cautious class of motion to proactively manage and minimise the impact to Absolutely everyone involved.
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These was Hitachi’s confidence in Ivan that it left him and his management workforce fully in charge of running FusioTech Holdings, the new enterprise founded article its acquisition.
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“This final decision stems through the insurmountable problems arising in the insufficient handover of information and information by the earlier administration, which proficiently left Hitachi with none kind of data referring to the administration, operations, and continuity of the business enterprise of helpful hints Fusionex Group,” he said.