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Technics Oil & Gas files writ, injunction against Soilbuild Reit

OFFSHORE solutions provider Technics Oil & Gas has hit back at its landlord, Soilbuild Business Space Reit, after the latter launched legal action against it over unpaid rent and other charges.

Technics has filed a writ of summons and injunction against Soilbuild Reit, the trust said in a Singapore Exchange filing on Friday.

Technics had been the guarantor for a tenancy held by Technics Offshore Engineering (TOE).

Soilbuild Reit said Technics and TOE were "claiming unlawful conspiracy regarding the sale and leaseback transaction of 72 Loyang Way . . . and are seeking injunctions to restrain any call by the trustee on the Bank guarantee".

The Reit's trustee, DBS Trustee, currently holds a bank guarantee amounting to about S$11.8 million, equivalent to 18 months' rent, as security deposit for the lease agreement.

The Reit manager said it "denies the claims and intends to vigorously defend against the claims".

sentifi.com

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