Staff Reporter
,
Singapore
It has a low chance of succeeding.
Otto Marine today stated that a legal claim against its subsidiary Otto Ventures is “vexatious” and has a low chance of succeeding.
The claim stems from Otto Ventures’ refusal to secure funding for two offshore vessels. A holding company and its subsidiary is claiming US$8.88m in losses.
Otto Marine noted that the likelihood of the entire amount of the Claim being successful is low as the claimants cannot justify or meaningfully quantify the full amount of the claim.
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