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Otto Marine to defend alleged breach of loan repayment

Otto Marine to defend alleged breach of loan repayment
Singapore’s Otto Marine announced that its subsidiary Supply Fleet has received a writ of summons from Rakesh Shankarlal Tulshyan over a claim involving $17.65m.

Rakesh Shankarlal Tulshyan, the plaintiff in this case, has alleged repudiatory breach of two loans extended by it to Supply Fleet, an early termination of the relevant loan agreement, and claiming $17.65m plus interest and cost, according to Otto Marine.

“Supply Fleet is seeking legal advice and intends to rigorously defend itself against the claim,” Singapore-listed Otto Marine said.

The offshore services firm added that the claim in question is not expected to have an impact on its earnings for the financial year ending 31 December 2016.