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Otto Marine's application to wind up group 'an abuse of process': Hoe Leong
HEAVY equipment supplier Hoe Leong Corporation has hit out at offshore marine group Otto Marine, saying that the latter's application to wind up Hoe Leong is an abuse of process.
Earlier on Thursday evening, Otto Marine said that Hoe Leong had been due to pay the group US$1.5 million, but managed to pay only US$580,000 after "numerous reminders and/or demands". Some US$920,000 therefore remains outstanding.
Hoe Leong claims that the US$920,000 sum is the balance of a US$1.25 million payment due to Otto Marine. It also said that it has delivered to Otto Marine 13 cheques for varying amounts totalling US$1.25 million.
"Otto Marine Limited has accepted the said cheques and has since presented for payment two of the said 13 cheques, in affirmation of the said settlement," it said. "The next cheque towards settlement of the sum of US$1.25 million is not due until Sept 1, 2016."
The group added that it has been advised by its lawyers that Otto Marine's application is "an abuse of process".