Metech International and Deng Yiming have reached an amicable out-of-court settlement where both will withdraw and terminate the legal suits.
Metech and Deng were in a legal battle over the company’s diamond seeds, loose diamonds and inflated machinery price.
In its statement on Dec 13, Metech says both parties will work together to expand their diamond business. Deng will provide his professional technical support which includes the resumption of the mass production of diamonds by using the five chemical vapour deposition (CVD) creator facilities and maximisation of the economic and commercial benefits of the five CVD creator facilities for the company.
He will also repay the $483,000 to the company as ruled by the High Court.
According to Metech, the settlement is in the company’s interests, although it will not affect it materially for the FY2023 ending Dec 31.
As at 9.11am, shares in Metech are trading flat at 3.3 cents.
