CFA Institute Singapore
SINGAPORE (Oct 2): Market talk has it that Uber Technologies is under investigation by Singapore’s Corrupt Practices Investigation Bureau (CPIB) over the ride-hailing firm's majority-owned car rental company, Lion City Rentals (LCR).
According to an article published online by The Business Times on Monday, there has been talk in the parallel import (PI) industry that CPIB has “called up former and/or current Uber staff over LCR’s car purchases”.
CPIB spokespeople contacted by the paper, however, refused to comment on the matter.
LCR is said to rely on four main PI companies for its parallel imports. The models include the Honda Vezel and Honda Vezel Hybrid that are not available from Honda's authorised agent in Singapore.
Uber is presently facing a US federal probe on allegations of bribery in at least five Asian countries: China, India, Indonesia, Malaysia, and South Korea.
The firm is in the midst of reviewing its Asia operations in relation to the probe.
It was reported that LCR in March this year filed a lawsuit against one of its parallel importers, Sunrita, alleging that it failed to deliver an order of over 2,400 cars worth over $130 million.
The case was heard on July 21 and dismissed by the High Court, with costs payable to Sunrita.
In late August, an article by Lianhe Zaobao claimed LCR had begun selling off more than 500-1,000 of its cars, with sources saying the company held over 4,000 idle private-hire and taxi vehicles.