oBike’s Liquidators: Transaction “Not Appropriate”, Might Unwind The $10m Transaction oBike Singapore’s liquidators have revealed that the company had transferred $10m to its Hong Kong office shortly before it abruptly folded earlier in June this year, leaving many Singaporeans stranded without their deposits. oBike users are in a state not altogether unfamiliar Source The beleaguered operator collected $11.7 million from Singaporeans for bicycle rental and usage purposes. But it has yet to return these deposits or pay off money it owes to other companies. Deets of the transaction According to Mr Joshua James Taylor from oBike’s liaquidator, FTI Consulting, What we have found… is that the deposit holders’ money came into the Singapore bank account, and thereafter was transferred to oBike Hong Kong. After that, oBike Hong Kong provided a loan to oBike Singapore, thereby “net[ting] off the two amounts to say nothing’s owed”. Glimmer of hope Mr Taylor has said that the netting off of monies in such a way is “not appropriate”. Thankfully, the liquidating firm will explore ways to unwind the transaction to show that deposits must be returned to Singaporeans. They will also be issuing letters of demand to founder Shi Yi to return the monies. Hopefully, FTI […]
6 years ago
