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Joelton
Supreme |
22-Mar-2023 10:26
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MeTech JV files second lawsuit against ex-director Deng Yiming
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.
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Joelton
Supreme |
14-Mar-2023 09:14
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Metech JV files lawsuit against ex-director Deng Yiming over missing diamonds
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.
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MBULLISH
Elite |
14-Mar-2023 08:36
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Now police case
Means CAD- catch all diamonds It?s the end Stole diamond seeds! What?s that? Haha
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Everyday
Master |
14-Mar-2023 07:42
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LODGEMENT OF POLICE REPORT AND COMMENCEMENT OF LEGAL PROCEEDING Regarding missing diamonds. Hope Metech can restart anew eventhough fighting a court case. https://links.sgx.com/1.0.0/corporate-announcements/G56TVDFZS67A4RN8/31b7f716bad8074ccf4d039289bb1090c4d6850b389fcdc052e2b40f2ec4ea4c |
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gummybear133
Member |
08-Mar-2023 00:10
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Lab Grown Diamonds Market Size ,Share | Industry Report 2030 (alliedmarketresearch.com) | ||||
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gummybear133
Member |
06-Mar-2023 11:02
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To start the diamond business, Metech bought 5 overpriced machines from XDC. Now missing diamonds and several issues at AET due to XDC. On 17 Apr 2022, XDC sold 100k AET shares to WYQ at $4 mil. Around end 2021, Metech share price climbed over 30 cents, now 5 cents.  A lot of damage has been done to Metech. Hope the new Chairman can guide Metech onto the path of recovery. 
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Everyday
Master |
03-Mar-2023 08:33
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They sh update us....sad...no sales even after production started some time ago... Hope it is not another excuse....
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gummybear133
Member |
03-Mar-2023 08:27
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no news about the missing diamonds.....
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Everyday
Master |
16-Feb-2023 09:32
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Hope they settle their internal problem with new financial backing... | ||||
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gummybear133
Member |
16-Feb-2023 09:28
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Everyday
Master |
30-Jan-2023 10:41
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Some positive news : Co answer to Q 7 : To clarify, although the notice to terminate the JVA has been served on XDC, the joint venture company, AET, continues to be operational and is a live company. The Company&rsquo s management, along with the existing employees of AET, have built up sufficient knowledge and experience to manage and run AET. Further, as mentioned earlier, the Company&rsquo s newly appointed independent director, Dr Zhang Keke, has many years of experience in the lab-grown diamond industry. AET is also in the process of hiring more experienced personnel to conduct AET&rsquo s operations. https://links.sgx.com/1.0.0/corporate-announcements/L836PP08CO0C2MP9/5ab29d5e3cd6090d26c3e7be143dbc8de4b76f4b3d3a32aa2b87afc4e4234b39 |
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Everyday
Master |
30-Jan-2023 08:34
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Response to Sgx query. Metech have to speed up their internal changes. https://links.sgx.com/FileOpen/Response%20to%20SGX%20Queries%20-%20Termination%20of%20JVA.ashx?App=Announcement& FileID=745044 |
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Everyday
Master |
24-Jan-2023 09:57
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Simon Eng regained top SSH with 29.8m shares.Now 19.7% of total voting shares. https://links.sgx.com/1.0.0/corporate-announcements/NHIE0RSWQXOD80NQ/81b09968a7ca785483b883a1f4cde7e9c2e7db689655f4f691e428ad7f60c7bc |
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Everyday
Master |
18-Jan-2023 08:50
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Internal changes in Metech but AET still operating intact. Hope for a stronger AET. While it is noted in the Announcement that under the terms of the JVA, AGT was to operate and manage AET, and XDC was to provide technical support to AET, the Board wishes to assure shareholders that the operations of AET will not be affected by the termination of the JVA against XDC as AET will be able to continue with the requisite technical support from its current production team. https://links.sgx.com/1.0.0/corporate-announcements/BCF5WNI9CWPOXKWM/007b0ceb10eaed64bce918d93234a60c28a54bca0f6726104f9913cd688622d9 |
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Everyday
Master |
28-Dec-2022 23:12
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Half yearly financial report ending Dec 2022 should be out next few mths. Hope to hear some news regarding the production of the lab diamonds. |
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Everyday
Master |
10-Dec-2022 18:54
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Upon checking further on Oct 6th Simon Eng share indeed drop to 7.1m and form 4.68% of the total share but he has deemed interest in his wife' s share of 4.47m. So overall he still have some say. Sgx announcement : https://links.sgx.com/FileOpen/_eFORM3V2_Simon%20Eng.ashx?App=Announcement& FileID=733690 |
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Everyday
Master |
03-Dec-2022 10:13
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Let' s hope for an effective reorganisation of Metech. The good news is that the JV. Diamond factory already started production. Looking forward to an increased income for the JV and Metech plus a reorganised stable company. |
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tedlim
Senior |
03-Dec-2022 06:57
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Something fishy going on? Simon Eng stake seem to increase to more than 5% but no disclosure or announcement... | ||||
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Everyday
Master |
02-Dec-2022 20:11
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On Sep 29th 2022 Simon Eng reduced his shares fr 30.4m to 7.5m. Still an SSH as it is 5% of the total shares in the market. Sgx Announcement : https://links.sgx.com/1.0.0/corporate-announcements/KKGBA4E87LS4QVB1/20274839a82a0f5401614c0eab89ba2e0a97131f31726c58402d5c6b1935ca10
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Everyday
Master |
02-Dec-2022 17:46
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Mr Simon Eng was present in the 21st Oct Meeting at Raffles Marina:Here are some of his comments : https://links.sgx.com/1.0.0/corporate-announcements/RUXD98Y5BSHH58CZ/b66dd0cd4f92ec48b0d5eafba2b88ee98be8a0a61f9d69af43e932980d8d9f5d Comments raised by Shareholders in relation to Ordinary Resolution 3 Mr Simon Eng stated that there are certain differences in expectations between the shareholder from X Diamond Capital Pte. Ltd. (&ldquo X Diamond&rdquo ) and the management of the Company. Mr Simon Eng pointed out that Mr Chng Hee Kok had been voted out at the earlier Annual General Meeting and Mr Ricky Sim Eng Huat did not stand for re-election, and hence, the only remaining independent director of the Company would be Mr Chay Yiowmin. Mr Simon Eng stated that in the present situation where the Company is conducting a new business whereby there are differences in expectations between the joint-venture partner, X Diamond, (&ldquo JV&rdquo ) and the management of the Company, if the Shareholders vote out Mr Chay Yiowmin, the only independent director of the Company, it would be a disastrous situation. Mr Simon Eng advocated that for continuity, the Chairman should remain in the Company and urged Shareholders to consider Resolution 3 carefully. Mr Simon Eng stated that the Chairman should then take on the responsibility to reorganize the board and ensure that the management and X Diamond are reorganized as well to enable a better working relationship and ensure better performance in the next financial year. Note: SSH Simon Eng have been the largest or 2nd largest share holder for sometime. Not sure whether his shares have reduced.
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