Vallianz Holdings Limited (SG:WPC) has released an update.
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Vallianz Holdings Limited faces a legal challenge as its subsidiary, Vallianz Offshore Marine, has been hit with a substantial counterclaim of over $8 million from Hilong Marine Engineering. This counterclaim arises from alleged deficiencies in the vessel Vallianz Supreme, which Hilong claims led to operational downtime. Despite previous agreements and extensions, Hilong has failed to settle an outstanding debt with Vallianz, prompting the ongoing legal dispute.
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