Dec 21, 2018 04:51 AM

Ofo Founder Blacklisted by Court Amid Debt Woes

Dai Wei. Photo: VCG
Dai Wei. Photo: VCG

The founder of China’s bike-sharing startup Ofo was blacklisted by a court and barred from excessive spending after the company failed to meet debt obligations amid a cash crunch.

The People's Court of Haidian District in Beijing took the action against Dai Wei, Ofo’s founder and chief executive officer, limiting the amount of money Dai can spend on services and products, according to a court document. Dongxia Datong Management and Consulting Co. Ltd., the company owned by Dai that operates Ofo, was listed as a defaulter.

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