In brief: oBike transferred $7m of users’ money to Hong Kong company, liquidator says

Photo credit: oBike

OBike may have wired users’ money to Hong Kong affiliate (Singapore). FTI Consulting, acting as liquidator of oBike’s bankrupted Singapore business, said the company had transferred US$7.3 million out of a total US$8.54 million collected from its users – including deposits – to its affiliated entity registered in Hong Kong. The transfer was purportedly made as a pre-payment for the supply of bicycles, and was followed by a loan from oBike Hong Kong Limited to the Singapore operation.

“What we’ve seen in the accounts and what they have done is netted off the two amounts to say nothing’s owed,” said FTI’s Joshua Jones Taylor, speaking at a creditors’ meeting. FTI said it will try to retrieve the money in question and that demand letters will be sent to oBike Hong Kong Limited and co-founder Shi Yi. (The Straits Times)

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