AsiaOffshore

Otto Marine faces $17.5m lawsuit

Photo of Sam Chambers Sam ChambersApril 20, 2016
13 Less than a minute

A subsidiary of Singapore-listed offshore firm Otto Marine faces a court case. Supply Fleet (SFPL) has received a writ of summons from Rakesh Shankarlal Tulshyan, alleging repudiatory breach of two loans extended by the plaintiff to SFPL, an early termination of the relevant loan agreement, and claiming a total amount of $17.5m plus interest and costs.

“SFPL is seeking legal advice and intends to rigorously defend itself against the claim,” Otto Marine said in a statement to the Singapore Exchange.

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Photo of Sam Chambers Sam ChambersApril 20, 2016
13 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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