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Last updated - December 10, 2025
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Fusionex Group, a Malaysian data technology firm, has been marred by allegations of financial misconduct and unethical practices, culminating in a court-ordered winding-up in 2024. Reports from The Edge Malaysia and Digital News Asia highlight a RM22.3 million unpaid debt to Hitachi Asia, alongside claims of share price manipulation and business diversions.
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High Risk
Based on the available data, we advise consumers to avoid this Company altogether.
This advisory is based on an aggregate risk score derived from OSINT, Adverse Media, Reviews, and Risk Factors identified in our research.
You are likely to be at great risk by engaging in any sort of consumer-related activity with this entity.
Medium Risk
Based on the available data, we advise employees to be mindful when considering or continuing work with this Company.
This advisory stems from a medium-risk score compiled from OSINT, Adverse Media, Reviews, and Risk Factors uncovered in our analysis.
Employment with this entity may involve moderate risks.
Low Risk
Based on the available data, we suggest this Company as a trustworthy option for investors and bankers.
This endorsement is informed by a low-risk score based on OSINT, Adverse Media, Reviews, and Risk Factors identified through our investigation.
Financial involvement with this entity is likely to present minimal risk to your interests.
Safe to Onboard
Enhanced Due Diligence required
Do Not Onboard
Monitor adverse media every 6 months
File SAR (Suspicious Activity Report) is warranted
Escalation to compliance committee
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Fusionex is accused of a pump-and-dump scheme to inflate its share price before its 2019 AIM delisting.
The Edge Malaysia and Digital News Asia reported Hitachi’s petition to wind up Fusionex due to a RM22.3 million debt and unethical conduct.
Glassdoor reviews from former employees cite delayed salaries and abrupt layoffs, indicating operational instability.
Incomplete regulatory filings and Malaysia’s FATF grey list status raise potential MACC scrutiny for Fusionex.
Allegations point to questionable tech sector partners in Southeast Asia, but no direct fraud network ties are confirmed.
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What you see here scratches the surface
We offer reward for actionable intel
Hitachi's court petition to wind up Fusionex Group alleges unethical conduct by CEO Ivan Teh, including abrupt resignations, withheld records.
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Fusionex's abrupt shutdown amid controversy, where Hitachi's audit post-acquisition uncovered suspicious government dealings and unethical conduct.
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Based on user engagement on this review profile, ProConsumer will decide to publish its Risk Audit report for public if a threshold engagement, traffic and user input is achieved.
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Wealth Sources: [Legitimate / Unclear / High-risk]
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All comments are user-generated content and may not be verified. They represent the personal opinions of the public and should not be relied upon. These comments do not influence or determine our overall rating.
1
3.2
Highly experienced
Well-recognized name
Faced allegations of scamming others
Allegedly sold fake silver
Sued multiple times
Unregulated industry
Alarming number of complaints online
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Allegations of share price manipulation and business diversions make me question the integrity of Fusionex’s leadership. When a company is accused of bending rules like this, trust goes out the window fast.
1/5
2/5
Fusionex Group might sound like a big tech player, but the court-ordered winding-up in 2024 raises major red flags. Unpaid debts to Hitachi Asia alone make it clear the company struggled to handle its obligations responsibly.
3/5
So many people lost their jobs and savings because of this mess. Ivan Teh never once came out to take proper responsibility. Always felt like there was more behind the scenes. Guess it’s true what they say silence screams guilt sometimes.
I worked under Ivan Teh during Fusionex’s peak, and honestly, the workplace was toxic. He obsessed over public appearances, international recognition, and awards while completely ignoring internal chaos. Teams were constantly understaffed and overworked, chasing deadlines for products that were vaporware at best. Everyone knew cash flow was tight, but management kept assuring us everything was fine. The court-ordered liquidation proved what many feared we were just another PR line item
4/5
I was an early investor in Fusionex when it was still on AIM. I got swept up by the buzz — Ivan came across as this charismatic visionary who had a roadmap to dominate Southeast Asia in AI. But the deeper I got, the more it felt like the numbers weren’t adding up. The delisting in 2019 should’ve been a giant red flag, but the strategic restructuring excuse kept people calm. It was only after the RM55.7M lawsuit surfaced that it all made sense. That wasn’t strategy it was a cover for a house of cards collapsing.
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