The 4Cs of nanodiamonds

FIRST, it was over some missing diamonds. Now, it&rsquo s because of overpriced machines used for growing diamonds.

 

Asian Eco Technology &mdash formerly a joint venture (JV) between MeTech International : V3M 0%&rsquo s subsidiary Asian Green Tech and X Diamond Capital (XDC) &mdash is taking legal action against their former director Deng Yiming in the High Court once again.

 

In a bourse filing on Tuesday (Mar 21), Metech International said it has reason to believe that XDC sold five of those machines, known as microwave plasma chemical vapour deposition machines, to Asian Eco Technology at a price higher than their fair market value on Oct 19, 2021.

 

Deng was a director at XDC at the time of the sale, and is still in the same position.

 

The Catalist-listed company said in a Mar 13 bourse filing that it filed a lawsuit against Deng over missing diamond seeds and loose diamonds.

 

The pieces were last in Deng&rsquo s possession, and he had, to date, not satisfactorily addressed issues relating to them, Metech said in the previous bourse filing. A police report had also been filed over the diamonds.

 

Metech fully assumed control of Asian Eco Technology &mdash initially formed as a JV to carry out the business of manufacturing and distribution of lab-grown diamonds &mdash since Jan 17 this year after Asian Green Tech terminated the JV agreement on grounds that XDC had breached its terms.

 

Deng was also removed as director of Asian Eco Technology on the same day.

 

CATALIST-LISTED Metech International on Monday (Mar 13) said a lawsuit has been filed against Deng Yiming, one of the owners of its subsidiary&rsquo s former joint venture (JV) partner X Diamond Capital, over missing diamond seeds and loose diamonds.

 

The pieces were last in Deng&rsquo s possession, and he had, to date, not satisfactorily addressed issues relating to them, Metech said in a bourse filing. 

 

The JV entity, Asian Eco Technology (AET) &ndash established on Sep 24, 2021 between Metech&rsquo s wholly-owned subsidiary, Asian Green Tech (AGT), and X Diamond Capital to manufacture and distribute lab-grown diamonds &ndash had thus commenced legal action in the General Division of the High Court against Deng.

 

On Monday, Metech also said AET&rsquo s directors, which used to include Deng as well, had filed a police report on issues relating to the missing diamond seeds and loose diamonds on Feb 14.

 

This was after AGT on Jan 17 issued a default notice in writing to X Diamond Capital to terminate the JV agreement with the partner. It was on grounds that the company and its appointed directors in AET, namely Deng and Yang Hanyu, failed to satisfactorily address numerous issues and irregularities relating to the JV.

 

Apart from missing diamond seeds and loose diamonds, there were also issues relating to outstanding loan advances, irregularities with the importation of machines supplied to AET, and the sale of machines to AET at an inflated price, Metech had noted.

 

Deng had been removed as AET&rsquo s director by a members&rsquo resolution in writing dated Jan 17, which was passed on the same day.