SINGAPORE – Electric van leasing company EVCo has been put under insolvent liquidation, with debts of almost $50 million.
EVCo, also known as Strides DST, is 60 per cent owned by transport operator SMRT’s business arm Strides Holdings and 40 per cent by Dishangtie Green Technology (Hong Kong). The two-year-old firm was incorporated in March 2022 with a paid-up capital of $10 million.
The company was put under provisional liquidation not long after its former chief executive officer Fuji Foo and chief financial officer Janice Low were arrested in connection with a police investigation in late 2023.
A list of creditors obtained by The Straits Times showed that as at Feb 28, there were 28 creditors with $49.4 million due to them. It is…
