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Vallianz declines requests for payments from Swiber totalling US$63.5m
VALLIANZ Holdings said on Wednesday night that certain entities within the group have recently received letters from the interim judicial managers (IJMs) of Swiber Holdings and Swiber Offshore Construction (SOC), requesting payments totalling approximately US$63.5 million, which the IJMs claim to be funds owed to Swiber and SOC.
Vallianz has declined to make such payments, citing various reasons such as the fact that extended credit and netting off practices have been "an established course of dealings" between Vallianz and Swiber.
Vallianz said it is awaiting a response from the IJMs, and will make further announcements when appropriate.