Gold-Star-19

The Otto Marine’s Batam shipyard subsidiary has forced the arrest of the "Ratna Blessing" for unpaid ship repair-related charges on July 23, 2016. PT Batamec has also commenced proceedings in the High Court of Singapore against the vessel and its owner RS Marine Investments, a company owned by Rakesh Shankarlal Tulshyan, who is also the boss of Wirana Shipping Corporation of Singapore. PT Batamec rendered repair services at the yard in Batam to the vssel between Dec 13, 2015 and Mar 21, 2016. Partial payments for the services were effected but various outstanding charges remained. RS Marine Investments Pte. Ltd failed to make payment for the remaining charges despite reminders. In the circumstances, PT Batamec was constrained to commence legal action against the Vessel to recover the outstanding charges. Both PT Batamec and the management of the Company are working closely with the Group’s 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.