Police are investigating oBike’s transfer of S$10 million from Singapore to its Hong Kong office: Shanmugam

oBike Singapore’s transfer of S$10 million to its Hong Kong office is being investigated.
The Straits Times

Law and Home Affairs Minister K. Shanmugam revealed in Parliament on Monday (Sept 10) that oBike is being investigated for misappropriation of funds.

He was responding to a question by Workers’ Party Non-Constituency MP Dennis Tan about whether oBike Singapore’s former directors and management will be investigated for alleged improper transfer of about S$10 million collected from users here to its Hong Kong operation.

The bike sharing company abruptly ceased operations in June, after saying it will encounter difficulties in complying with the Land Transport Authority’s new guidelines to combat indiscriminate parking.

Some of its users also expressed frustration at trying to get refunds for unused credits.

oBike Singapore’s liquidator FTI Consulting said letters of demands are being issued to oBike Hong Kong and its founder Shi Yi.

Mr Shanmugam added he was unable to comment further as police investigations are ongoing.