Otto Marine to wind up two Australian subsidiaries
It will generate approximately $840,000.
The marine firm has filed three applications to wind up two of its subsidiaries, Go Inshore and Go Marine Group.
According to a press release by Otto Marine, the total sum claimed against the Subsidiaries pursuant to the Applications is in the approximate quantum of AUD 787,204.
“The management of GMG is presently seeking legal advice and have plans to dispute the Debts,” the press release said.
“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,” it added.