In International Shipping News 17/08/2016
Otto Marine Limited (the “Company”) wishes to announce that its wholly-owned subsidiary, Otto Ventures Pte Ltd (“OVPL”), has successfully defended itself in respect of the arbitration proceedings which the Company had made an announcement on 7 May 2015 (the “Arbitration”). In the Arbitration, the claimants (the “Claimants”) had claimed approximately US$8.88 million in damages against OVPL.
In the award released on 15 August 2016 (the “Award”), 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.
The Company has taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate in all material aspects as at the date hereof and that no material facts have been omitted from this announcement.
Source: Otto Marine
