oBike’s Singapore Scramble: Money Misplaced, Bikes Gone!
What’s the Deal?
Ever since oBike shut its doors last June, the mystery of where the money went has been a hot topic. The Singapore police are digging into a suspected fund‑appropriation case involving the bike‑sharing company, and key questions loom: Did the former boss and crew secretly offload Singapore’s cash to Hong Kong?
FBI‑style Finds by the Liquidator
According to FTI Consulting, oBike Singapore allegedly funnelled roughly US$10 million from local users into its Hong Kong branch. That cash, supposedly earmarked for buying bikes, never made it back to the Singapore account. The liquidator is set to issue demands on both the Hong Kong entity and founder Shi Yi—all while the money’s rightful destination remains dusty.
Key Numbers That Matter
- Total money collected in Singapore: US$11.7 million (deposits + usage fees).
- Transferred to Hong Kong: US$10 million.
- Remaining for refunds & ops: US$1.7 million.
Why the Big Clues?
FTI’s chief, Joshua James Taylor, explained that the Singapore bank account received the deposits, then shuffled them to Hong Kong. “They neat‐fitted the numbers so it looked like nothing was owed,” he said. This ‘clean‑up’ is under scrutiny, and investigators will attempt to reverse the move, proving Finland just needs the cash back.
oBike’s Quick Exit
In June, the company dumped all scoop of its operations, citing fresh and strict parking rules from Singapore’s Land Transport Authority. With a stunning loss of US$4.25 million back in 2017, the rodeo was already headed south.
Pulse Check from the Parliament
Nelson Shanmugam, the Minister of Law and Home Affairs, confirmed police are looking into the matter. He couldn’t spill more details yet, resharing the story after MP Dennis Tan pressed whether the ex‑oBike crew faces checks for a “potentially improper transfer of funds to oBike Hong Kong.”
TL;DR
oBike Singapore allegedly moved $10 million overseas, leaving local investors short. Police and investigators are on it, while feds try to see how much should go back to customers.
