oBike S’pore Now Has $551K Cash But Still Owed $8.9 Million To Former oBike Users

oBike.

That’s a name you’ve probably forgotten until now.

And after so many months, there is finally an update on the entire saga.

But first, if you need to catch up on the entire saga (or just refresh your memory), read these:

• 8 Facts about oBike, The First Bike-Sharing Company To ‘Fall’ To LTA’s New Bike-Sharing Licensing Scheme
• oBike Finally Breaks Silence, But It’s a ‘Got Say Machiam No Say’
• oBike Owes SGD$6.3 Million Worth of Deposits; Bulk of It Allegedly Students
• Everything About the oBike’s Alleged Transfer of $10m Away Before Shutting Down
• Police are Investigating oBike S’pore for Misappropriation of SGD$10m
• oBike Might Be Coming Back with a New Owner But Refunds Still Unknown

Done?

Okay.

Good News First

Mr Oscar Moises Chaves is a Costa Rican investor who became the majority shareholder of oBike as early as Oct 2018.

And he said that he is fully committed to fulfilling the company’s obligations to its creditors.

In layman’s terms, he is going to pay everybody back.

Unfortunately, you’ve got to wait.

Bad News

It was revealed that the firm owes $8.9 million to about 220,500 former oBike users.

The firm also owes about $780,900 to third-party vendors, town councils and regulatory bodies.

And on the opposite end of the spectrum, oBike has about S$551,000 after deducting costs related to the liquidation such as advertising, the retrieval of bikes, etc.

So now, you’re wondering, what’s wrong? One rich dude just said he’ll repay everybody.

But He Now Has Questions

Ever thought you knew something about a situation, then had to take a double-take after realising there’s something wrong?

That’s what happened to Mr Chaves.

He had some questions regarding the documentation. He also claimed that he did not receive the full breakdown of the accounts from the liquidator.

The liquidator had submitted information with claims made against oBike but Mr Chaves wasn’t happy and wanted invoices.

“I asked for invoices… The summaries, they just say creditors are owed (S$500,000), users (are owed) S$8 million. How do you pay that? I just want to see the documents.” 

The liquidator assures the people that personal information and data was redacted from the documents handed over to the investor.

What Does This Mean?

It just means that people waiting for their refunds will have to wait longer.

How long? Nobody knows. But judging by the deadlock between the liquidators and the investor going on right now, the JB-SG RTS might be built before the people get back their refunds.

Maybe.

Moral of the story?

Forget about your refund, just like how your forget your ex.