OMG, it seems that things are getting uglier, subsidiary down under also got under fire. House of cards falling apart.
Again, where are early warnings by auditors?
Otto Marine Limited (the “Company”) wishes to announce that it has been informed by Go
Marine Group Pty Ltd (“Go Marine”) that a creditor (the “Creditor”) of Go Offshore Pty Ltd
(“Go Offshore”), a wholly-owned subsidiary of Go Marine, has filed a winding up
application (the “Application”) with the Singapore High Court (the “Court”) to wind up Go
Offshore (Asia) Pte. Ltd. (“Go Offshore Asia”), another wholly-owned subsidiary of Go
Marine. The Court has made directions for the Application to be heard on 8 May 2015.
The total sum claimed against Go Offshore Asia pursuant to the Application is
approximately USD 118,000 (the “Debt”). As at the date of this announcement, Go
Offshore has fully paid up the Debt to the Creditor, and the Creditor is in the process of
withdrawing the Application.
The Company has taken all reasonable care to ensure that the facts stated in this
announcement are fair and accurate in all material aspects as at the date hereof and that
no material facts have been omitted from this announcement.
The event is not expected to have a material impact on the financials of the Company for
the financial year ending 31 December 2015.
Chong Sieh Jiuan
Chief Financial Officer & Joint Company Secretary
25 April 2015