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oBike Singapore investigated for misappropriation of funds: Shanmugam

oBike Singapore is being investigated by the Singapore police for alleged misappropriation of funds, according to Law and Home Affairs Minister K Shanmugam. 

It emerged last month that the company had transferred S$10 million out of the S$12 million it had collected from Singapore users to its Hong Kong office before shutting operations here. 

Shanmugam confirmed in a written parliamentary reply on Monday, Sept 10, that the police are looking into the matter, said a report by Channel NewsAsia. 

"As investigations are ongoing, we are unable to comment further," he added. 

Photo: Connected to India
Photo: Connected to India

oBike's liquidators FTI Consulting said last month that the S$10 million transferred to the company's Hong Kong office before it stopped Singapore operations in June. The money was netted off against a loan of S$11 million from oBike Hong Kong to its Singapore office, said the news report. 

“Some of the transactions are inappropriate given the financial position of the company, and we will be looking at those a lot further,” FTI Consulting’s senior managing director Joshua Taylor said previously. 

oBike owes its Singapore users S$8.9 million in total, said Mr Tay. 

The liquidators had said that it will be issuing letters of demand to oBike founder Shi Yi and ask for the money to be returned. 

Kareyst Lin
Kareyst Lin – Senior Correspondent

Kareyst has experience in writing about B2B technology for Computerworld Singapore, MIS Asia and CIO Asia; and on government technology for GCIO Asia. Her pet areas are artificial intelligence, Internet of Things and smart cities - these are fueled by her obsession with sci-fi movies and philosophy of mind. An active Yoga practitioner and cat lover, with a background in Indian philosophy, subaltern and diaspora studies.