Otto Marine unit causes arrest of vessel for unpaid ship repair-related charges

SINGAPORE - Singapore-listed Otto Marine said its shipyard subsidiary in Batam has caused the arrest of vessel Ratna Blessing for unpaid ship repair-related charges.

The company said in a filing on the Singapore Exchange on Monday (July 25) that its unit, PT Batamec, has also commenced proceedings in the High Court of Singapore against the vessesl, through its lawyers Rajah & Tann Singapore.

The vessel is registered under RS Marine Investments Pte Ltd, a company owned by Mr Rakesh Shankarlal Tulshyan.

Otto Marine said PT Batamec rendered repair services at their yard in Batam to the vessel between Dec13, 2015, and March 21, 2016. Partial payments for the services were effected but RS Marine Investments Pte Ltd failed to make payment for the remaining charges despite reminders, said Otto Marine.

PT Batamec then commenced legal action against the vessel to recover the outstanding charges, said Otto Marine.

It said both PT Batamec and the management of the company are working closely with lawyers to take all necessary actions to enforce PT Batamec's rights against the vessel as well as protect the interests and assets of the group.