Asia

Otto Marine withdraws Hoe Leong liquidation application

Heavy equipment supplier and vessel charterer Hoe Leong Corporation has announced that Otto Marine has withdrawn an application to wind up the company at Singapore’s High Court.

Otto Marine applied with the court to wind up Hoe Leong Corporation in August due to a debt dispute. The sum of $920,000 was due from the dissolution of a shipowning joint venture between the two companies in 2014.

Hoe Leong had called Otto Marine’s petition for the company to be wound up an “abuse of process” and said it previously agreed a debt repayment programme with Otto, which was still on schedule but not yet complete.

Hoe Leong Corporation has now paid the $920,000 without admission of liability that the debt is due.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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