This is coming in fresh on a Thursday night. A mammoth read as this involves court reporting. As with anything legal, care is of utmost importance.
But what we have is another piece on the Fusionex saga — a recurring theme here with two newsletters already chronicling its twists and turns.
This time round, a social impact firm is suing three entities allegedly linked to Fusionex, claiming a breach of partnership and seeking around RM17 million in damages.
This is the second time we are seeing a court drama play out, if you count the 2024 liquidation process as the first one.
Why does this legal battle deserve a mention here? Because in its statement of claim, the social impact firm says it received payments from several purported shell companies — one of which was flagged in the 2024 liquidators’ report.
The three alleged Fusionex‑linked units have denied the claims and are seeking to strike out the suit. But the social impact firm is doubling down.
A quick recap: Fusionex, once a Malaysian tech darling, was acquired by Hitachi in a deal that saw the Japanese conglomerate inject RM907 million into the group.
But the Japanese conglomerate wound up Fusionex and all its subsidiaries, alleging a slew of problems: the sudden resignation of key individuals from the group and its subsidiaries, missing financial records, inaccessible servers hosting Fusionex’s analytics platform and tampered IT infrastructure, among other things.
The public interest angle in this entire drama is that Fusionex was also appointed to run the Digital Free Trade Zone platform for the Malaysian Customs Department. That issue was unresolved in the 2024 liquidators’ report.
In this piece, I’ll unpack the latest lawsuit and cross‑reference details from the current court documents with findings from the liquidators’ report.
This is an ongoing story, but a trial could finally shed light on one of the most damaging episodes in Malaysia’s tech sector.
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