Metech, on Oct 17, announced that the damages payable by Deng Yiming came up to around $483,000.
This is nearly 14 times higher than the initial $34,000 determined by the judge of the High Court. The initial judgement was made on Aug 10.
This time, the amount came about after the assistant registrar of the High Court assessed the damages to be paid by Deng.
The amount, which is to be paid to Asian Eco Technology, is for the missing diamond seeds, loose diamonds and interests payable at 5.33% per annum from March 13 till its payment.
Asian Eco Technology is the joint venture (JV) established by Metech and X Diamond Capital. The JV was for the business of manufacturing and distribution of lab-grown diamonds.
Deng is one of the directors of Asian Eco Technology, appointed by X Diamond Capital.
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On Jan 17, Metech’s wholly-owned subsidiary, Asian Green Tech, issued a default notice in writing to X Diamond Capital on the ground that the latter caused an event of default under the joint venture agreement (JVA). X Diamond Capital was accused of being “materially and incurably” in breach of the JVA.
The directors of Asian Eco Technology made a police report on Feb 14 with issues relating to the missing diamond seeds and loose diamonds.
On March 13, Asian Eco Technology began legal action in the General Division of the High Court of the Republic of Singapore against Deng.
Shares in Metech closed at 3 cents on Oct 17.
