ALLEGED TRANSFER OF $10 MILLION FROM OBIKE SINGAPORE TO HONG KONG OFFICE

MP Dennis Tan

Mr Dennis Tan Lip Fong asked the Minister for Home Affairs what was the justification given by oBike Singapore or their former management in respect of the alleged transfer of about $10 million from its Singapore office to Hong Kong before its abrupt closure, leading to AGC’s conclusion that there was no evidence of wrongdoing.

Mr K Shanmugam: ​Police investigation ascertained that there were fund transfers between oBike Asia Pte Ltd (oBike Singapore) and its parent company oBike Hong Kong Ltd (oBike Hong Kong). oBikeSingapore was settling its debts owed to oBike Hong Kong as it was oBike Hong Kong who had paid for the bicycles imported by oBike Singapore. The repayment of debts took place over a one-year period before oBike Singapore ceased operations. Investigations did not suggest that oBike Singapore was a shell company set up to transfer the deposit money from oBike users in Singapore to oBike Hong Kong without conducting a genuine business. There was an extensive bicycle-sharing business operated by oBike Singapore in Singapore.

On 26 November 2020, the liquidator FTI Consulting Pte Ltd (FTI) wound up oBike Singapore. FTI did not file a Police report with the CAD or make any findings of criminal offence.

Police consulted the Attorney-General’s Chambers (AGC) on the evidence. As no offences were made out, the decision was taken to close the investigation and take no further action against oBike Singapore.

Ministry of Home Affairs
5 October 2021

https://sprs.parl.gov.sg/search/sprs3topic?reportid=written-answer-9020

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