OTTO Marine Limited has applied for a winding up of another listed company Hoe Leong Corporation for not being able to pay off debts owed to the group.
Hoe Leong supplies heavy equipment and industrial machinery as well as vessel chartering in the oil and gas sector.
A sum of US$1.5 million was due for payment from Hoe Leong but it managed to pay only US$580,000 after "numerous reminders and/or demands", Otto Marine said. Some US$920,000 remains outstanding.
The hearing on the winding up application has been fixed on Sept 13.
Otto Marine said that it is working closely with its lawyers on the legal proceedings to enforce its rights, as well as to safeguard and protect the interests and assets of the group and its subsidiaries.