Honestbee, the Singapore-based completely mostly grocery transport startup that has been struggling with monetary disorders, owes 217 staff a entire of almost USD $1 million in unpaid salary. The Strait Conditions reported that the settle used to be published in an affidavit filed in court on Sept. 20 by Honestbee CEO Ong Lay Ann as section of the startup’s debt moratorium utility.
The Ministry of Manpower told the Strait Conditions that 44 staff possess filed claims with the Tripartite Alliance for Dispute Administration, with a number of the staff settling mediation by agreeing to a cost schedule with Honestbee that might perhaps well be monitored by the alliance.
In an emailed statement to TechCrunch, an Honestbee spokesperson mentioned, “There is a communicated salary prolong for Honestbee’s ex-staff and staff for the time being serving look. Whereas there are fashioned injections of working capital, the amount stays insufficient for all headcount. As a end result, the company has made the complicated resolution to prioritize present staff in Singapore. The corporate has the chunky plot in meeting its responsibilities to staff and will seemingly be, if no longer already in active discussions with staff in terms of a most likely cost schedule.”
TechCrunch reported in April that Honestbee used to be working out of cash and attempting to score a purchaser. The corporate, which historical to feature in eight markets across Asia, has stopped working in Hong Kong and Indonesia, fleet halted products and companies in Japan and the Philippines and suspended its food transport carrier in Thailand.
The affidavit filed by Ong says Honestbee for the time being has 190 staff, down from 523 chunky-time staff and 77 section-time staff in January.
Ong also mentioned that Honestbee chairman Brian Koo resigned from the board on on Sept. 12.
Based completely totally on the affidavit, Koo and co-workers including investment autos he arrange, are owed about $258 million, or about 90% of Honestbee’s debt. Koo, a founding managing partner of mission capital agency Formation Team, used to be one of Honestbee’s earliest investors and served as intervening time CEO from Might perhaps perhaps impartial to July after aged chief govt Joel Sng stepped down.