Most oBike Users Have Not Filed Claims To Retrieve Deposits

Most oBike Users Have Not Filed Claims To Retrieve Deposits

oBike’s liquidators revealed that deposit holders have lodged only S$438,878 worth of claims, a scant figure compared to the S$8.91 million that the firm owes in deposit refunds.

“Quite a lot of deposit holders are yet to file their claims with the liquidators,” said oBike’s liquidator, FTI Consulting.

However, there is no clear timeline as to when creditors will get their money back, even for those who have filed their claims.

Consumers who have previously paid a S$49 deposit to use oBike’s services are not the only creditors.  As of Tuesday (January 22), trade creditors, vendors, regulatory agencies and town councils have filed about S$768,700 worth of claims against the bicycle-sharing service.

To this end, Mr Joshua Taylor, senior managing director of FTI Consulting explained that FTI isworking actively with oBike’s new owners, Costa Rican investment group OSS Inversiones, to settle outstanding claims.

Mr Taylor said that once an agreement is signed, the two parties will begin a process that could see creditors being refunded within two months.

[Sources: 1, 2]

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