Honestbee CEO Ong Lay Ann shared why he even joined the company in July last year, even when it was already showing signs of cracks then.

Honestbee launched an investigation on various transactions entered into by the company while Sng and Wong was still the respective CEO and Director of honestbee.

According to honestbee, it will close habitat until February 23 but will extend the closure if necessary.

A combination of poor capital management, as well as poor cap table management has sunk the company into around S$313 million in debt.

Honestbee has signed an investment agreement earlier this month with US-based FLK Holdings, where Brian Koo is a shareholder.

In the email, Joel Sng listed some of honestbee's "key outstanding debt obligations", which totaled to approximately US$40.9 million.

Other additions to the team include vice-presidents for corporate strategy, regional growth, and Honestbee's physical retail store Habitat.

Honestbee's priority now is to regain the confidence of investors, employees and staff through this revamp.

For now, honestbee said that it will focus on its core grocery business in Singapore, namely its grocery delivery service and supermarket habitat.

After excluding payments to small creditors, Honestbee has an outstanding debt of $286 million, according to the affidavit.

The High Court hasn't reached a decision on Honestbee's six-month moratorium, but granted the firm 30 more days to further support their application.

Tay said that he resigned from honestbee last September because he disagreed with the direction that the company is taking.