SINGAPORE (Sept 14): Hoe Leong Corporation announced the Singapore High Court application by Otto Marine to wind up the company for debts owed has been withdrawn.

(See also: Otto Marine applies for winding-up order against Hoe Leong over debts owed)

This comes after Hoe Leong made a payment of US$920,000 ($1.3 million) to Otto Marine, without admission of liability that the debt is due.

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