The debt has been outstanding since 2010.
According to summons filed by Potraz with the High Court, the company was given an opportunity to settle the debt without involving courts but it failed to honour the agreement.
On 9 June, 2010 the plaintiff and defendant entered into and signed an internet access provider license agreement.
"The terms of the agreement were inter alia that the plaintiff would issue defendant with a license. The license would be valid for a period of 10 years and renewable upon certain specified terms and conditions. In consideration for the license, the defendant would pay US$4 million being the license fee payable within 30 days of the issue of the license or no such later date as the plaintiff would allow," read the summons.
Potraz said they also agreed that if Aptics Trading breached the license agreement, they would be entitled to cancel the license agreement, all the fees outstanding would become immediately due and payable.
Aptics was given the license on June 9, 2010. The company however failed to pay the license fees. Potraz even extended time to pay but Aptics did not pay despite acknowledging liability.
"Parties agreed that Aptics would pay by June 1, 2017 but the company did not furnish plaintiff with any audited accounts and accordingly the fees were calculated on the basis of US$100 000 per year," read court papers.
Upon failure to pay, Potraz duly cancelled Aptics Trading license with effect from June 19, 2018 and demanded outstanding fees.
As at June 19 2018, the outstanding fees were US$569 147. Potraz say the company should pay the mount including interest on the figure.
