
oBike’s $10M Debt Settlement Drags On As Investor Stands Firm On Demand: “I Asked For Invoices”
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.
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.
As oBike Singapore liquidates, amounts owed to local creditors have chalked up at least S$1.7 million and this 29-year-old wants to pay off everything.
Police are now investigation oBike for allegedly misappropriating funds. The bike-sharing company owes Singapore users S$8.9 million in total.
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.
LTA also shared that oBike or its liquidator "will have to pay the relevant towing and storage fees in order to claim impounded bicycles from LTA".
Bike-sharing operator Mobike waives its $49 deposit policy for its existing and new Singapore-registered users.
The bike-sharing company has neither apologised nor addressed how they will deal with users' deposits and the remaining oBike bicycles still on the road.
According to oBike, the sudden decision to terminate is due to difficulties to fulfil the new requirements released by Land Transport Authority.
oBike claims that this issue was caused by a "technical lapse" in their system due to the global push of their SVIP membership.
oBike has been "secretly converting" the deposits in users' idle accounts into its 1095-day Super VIP (SVIP) Membership subscription.
The GrabCycle app will aggregate oBike, GBikes, Anywheel, and Popscoot into a single app, allowing consumers to rent bicycles and e-scooters.
With QR code-based geofencing solution, LTA pressures bike-sharing firms in Singapore to be stricter with users to tackle indiscriminate parking problems.