LTA Suspends Ofo’s License – Orders Removal Of All Bikes By 13 March Or Risk Termination
Ofo's coming close to the end of its road, as it could face termination if it fails to remove all bikes in public places by 13 March.
Ofo's coming close to the end of its road, as it could face termination if it fails to remove all bikes in public places by 13 March.
Ofo did not provide any reason for the termination, nor were the affected employees offered a one-month compensation they were due to receive.
Various creditors have filed about $768,700 worth of claims against oBike, higher than the expected $497,700 as stated in the firm's records.
According to a report, ofo Singapore owes over S$700,000 in unpaid services to vendors. Former and current employees have also yet to be paid for claims.
The Chinese bike-sharing firm has nearly doubled its fees - the rate for a single trip now costs $0.99 for every 20 minutes, up from the usual $0.50
Under LTA's new licensing framework, bike-sharing operators have to pay $60 for every bicycle deployed, on top of a $1,500 application fee.
A Singapore-based investor has agreed to invest $1 million to fund the firm's "new chapter", provided that Gbikes secures the operator's license.
Today, ofo announced that it has been awarded a full bike sharing license by the Land Transport Authority to operate a fleet of 25,000 bikes here.
A person with insider knowledge regarding ofo's operations approached us to provide some details regarding their closure in so many markets.
Didi restarted the acquisition talk earlier this month, and it is reportedly coming back with a lower price for every negotiation.
On both online forum Reddit and ofo's Facebook page, users have posted complaints of errant charges found in their bank accounts.
Out of the remaining 5 bike-sharing operators, Anywheel, Mobike, ofo and SG Bike have submitted their applications to LTA to obtain their two-year license.