Otto-Hoe Leong spat over US$920k payment

Singapore

OFFSHORE marine group Otto Marine Limited and industrial equipment supplier Hoe Leong Corporation are embroiled in a public spat about a US$920,000 payment.

Otto Marine said on Thursday evening that it has applied for a winding-up of Hoe Leong, also listed on the Singapore Exchange, for not being able to pay off debts that have come due. This is the latest in a spate of legal actions that Otto Marine has undertaken against payment defaults.