Everything About the oBike’s Alleged Transfer of $10m Away Before Shutting Down

Image: Amin Azfar / Shutterstock.com

The plot just thickens in the latest episode of the oBike saga. In fact, I won’t be surprised if this is being adapted into yet another Hong Kong drama; ironic because the setting is in Hong Kong as well.

Before anything, a recap (scroll down a bit more to skip the recap: we’re not Netflix whereby you can just click on a button to siam recap).

Previously, on the oBike saga

oBike shut down suddenly, a liquidator is engaged for creditors and hopes of refunds were as slim as our fat boss passing his IPPT. And now, a new revelation has brought in the second season of the oBike saga: $10 million has allegedly being transferred to oBike Hong Kong before oBike Singapore shut down, so it’s one heck of a story because the total amount owned to oBike Singapore users is $8.9 million (i.e. enough to refund).

And if you’re confused (what oBike Singapore what oBike Hong Kong?), here’s an explanation of everything simplified for you, because not everyone can understand those business jargon (my colleague just asked me if liquidator is a machine that turns solid matter into liquid).

Think of a Company like oBike as a Robot

Imagine that oBike Singapore is a robot – what does it need? It needs a person to control the robot and a person to buy (and therefore own) the robot.

Now, if the robot decided to do an I, Robot and starts eating people, it’s gone rogue. Usually, who do you blame first? The person who controls the robot.

With that in mind, here’s a breakdown of how oBike can fit into this analogy:

Robot = A company (oBike Singapore)
Person who controls the robot: Director (a person)
Person who owns the robot: Shareholders (people)

If you want to sue the robot for eating your pet’s food, you sue the robot, not the director or shareholders. If the robot owes you money, you get it from the robot, not the director or shareholders.

That is one of the reasons why people start a company: it’s to clear them of all liabilities.

Read on because it’s getting more exciting.

oBike, the Robot That Cannot Suddenly Shut Down

We all know what happened earlier: the robot wants to shut down. While it is a robot, it could be a bigggggg robot: a robot with a basket of money, debts, emotional baggage or whatever.

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