Court orders ex-director of Metech JV to pay costs over missing diamonds
Wong Pei Ting
CATALIST-LISTED Metech International on Friday (Aug 11) said the High Court has ordered that costs totalling S$34,000 be made to its joint-venture (JV) entity.
This is in relation to its legal proceedings over missing diamond seeds and loose diamonds.
The lawsuit was brought against Deng Yiming, one of the owners of its subsidiary’s former JV partner X Diamond Capital.
The JV entity is Asian Eco Technology (AET), established on Sep 24, 2021 between Metech’s wholly-owned subsidiary, Asian Green Tech, and X Diamond Capital to manufacture and distribute lab-grown diamonds.
Metech claimed in a March bourse filing that the pieces were last in Deng’s possession, and he had not satisfactorily addressed issues relating to them.
In giving the update on Friday, Metech said its legal adviser on Thursday had informed it that a High Court judge has granted summary judgement against Deng, and ordered him to pay AET costs totalling S$34,000, excluding disbursements.
The judge further declared that Deng holds the diamond seeds and loose diamonds as a constructive trustee for AET, and ordered for damages to be assessed and paid by Deng to AET, the update stated.
Metech shares closed flat at S$0.041 on Friday, before the announcement.
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