Cash company Jaya Holdings announced that it has resolved a dispute with Mermaid Marine Asia (MMA) over a $11.96m claim by the latter over alleged breach of warranties in the purchase of its offshore marine businesses.

Jaya said it has entered into a settlement deed on 6 January with MMA for a full and final settlement of the arbitration proceedings.

MMA and Jaya have also agreed to discontinue the claim and counterclaim in accordance with the terms of the settlement deed.

The arbitration proceedings against Jaya by MMA commenced on 26 February 2015, following anannouncement in February 2014 on the disposal of all of the subsidiaries of Jaya to MMA.