How much does Ofo owe its local vendors?

Question

Accepted Answer

Ofo Owes Local Vendors Over S$700,000 for Unpaid Logistic Services

Ofo's Singapore office owes at least two local companies more than S$700,000 (RM2.12 million) for logistic services. These vendors have not been paid for at least three months, highlighting the financial difficulties the bike-sharing firm is facing. The outstanding sums are part of broader financial challenges impacting the company, including unpaid employee claims and demands for customer deposit refunds in China.
Unpaid Logistic Service Fees

Two local vendors have issued letters of demand to Ofo to recover payment for logistic services rendered. The amounts owed have accumulated over a period of at least three months, with the total outstanding sum exceeding S$700,000. These services are crucial for the operation and maintenance of Ofo's bike-sharing fleet.
Extended Payment Delays

The non-payment to these logistic service providers has persisted for a minimum of three months. This prolonged delay indicates significant cash-flow issues within Ofo's Singapore operations. The situation has escalated to the point where formal demands for payment have been issued by the affected companies.
Broader Financial Strain

Beyond the outstanding payments to logistic vendors, Ofo's Singapore employees are also reportedly owed thousands of dollars in unpaid transport and mobile phone claims. These claims have accumulated over a period exceeding six months. The company, which is backed by Alibaba Group, is simultaneously grappling with widespread customer demands for deposit refunds in China, underscoring a company-wide financial crisis.

Reading history

Hide →

This history is cleared when the page is closed.

How much does Ofo owe its local vendors?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends