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Tribunal dismisses claims against Otto Marine unit
OTTO Marine Limited said its wholly owned subsidiary Otto Ventures Pte Ltd (OVPL) has successfully defended itself in arbitration proceedings.
In the arbitration, the claimants had claimed some US$8.88 million in damages against OVPL.
In the award released on Aug 15, the Tribunal dismissed the claimants' claims against OVPL in their entirety, and ordered the claimants to bear all OVPL's costs and expenses in relation to the arbitration.
The claimants were also ordered to bear all the Singapore International Arbitration Centre's costs and expenses and the Tribunal's fees and expenses.
OVPL will now be taking the necessary steps to enforce the terms of the award, and recoup its costs and expenses in relation to the arbitration from the claimants, Otto Marine said.