In brief: Singapore police investigates oBike for alleged misappropriation of funds

The Singapore police is investigating oBike Singapore for misappropriation of funds, after it emerged last month that the company transferred US$7.25 million to its Hong Kong office before shutting operations in Singapore. “Some of the transactions are inappropriate given the financial position of the company, and we will be looking at those a lot further,” oBike’s liquidator FTI Consulting’s senior managing director Joshua Taylor said.

Source: Channel NewsAsia

Bike-sharing startups have been struggling lately. Apart from folding its Singapore operations, oBike has also closed up shop in Malaysia and Australia. Meanwhile, Ofo has pulled out of several markets and Hong Kong’s GoBee has gone bust.

Currency converted from Singapore dollars. US$1 = S$1.38