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Otto Marine's two Australian units face winding-up application

Monday, September 26, 2016 - 07:50

CREDITORS are seeking the winding up of two of Otto Marine's subsidiaries in Australia, and are claiming A$787,204 (S$814,580) from the offshore marine group.

They have filed three applications with the Supreme Court of Western Australia to wind up Go Inshore Pty Ltd and Go Marine Group Pty Ltd, Otto Marine said in a filing to Singapore Exchange on Monday morning.

The total sum claimed against the subsidiaries pursuant to the applications is in the approximate quantum of A$787,204, the company said.

The applications will be heard by the court on Nov 8.

"The management of Go Marine Group is presently seeking legal advice and have plans to dispute the debts," said the filing.

Otto Marine's counter closed at S$0.315 on Friday, unchanged from Thursday.

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