oBike owes users $6.3m in deposits

Founder of firm says he is turning to shareholders to raise money

Multiple offence notices seen yesterday at oBike's now defunct office window for failure to remove illegally parked bicycles and causing obstruction in common areas. oBike founding investor and chairman Shi Yi says the firm has turned to its sharehol
oBike founding investor and chairman Shi Yi says the firm has turned to its shareholders to raise the money to refund users' deposits. However, the Shanghai-born 29-year-old noted this was still subject to the decision of liquidators, which the company is in the process of appointing. BT FILE PHOTO
Multiple offence notices seen yesterday at oBike's now defunct office window for failure to remove illegally parked bicycles and causing obstruction in common areas. oBike founding investor and chairman Shi Yi says the firm has turned to its sharehol
Multiple offence notices seen yesterday at oBike's now defunct office window for failure to remove illegally parked bicycles and causing obstruction in common areas. ST PHOTO: TIMOTHY DAVID
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About US$4.6 million (S$6.3 million) in deposits is owed to users by troubled shared-bicycle firm oBike, the company's founding investor and chairman Shi Yi told The Straits Times yesterday.

Mr Shi said oBike intends to refund users in Singapore their deposits, and has turned to its shareholders to raise the money.

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A version of this article appeared in the print edition of The Straits Times on July 03, 2018, with the headline oBike owes users $6.3m in deposits. Subscribe