honestbee sold some assets at discount; S$260k of art in storage

Singapore

DISTRESSED startup honestbee has sold off some of its furniture and goods to its staff, including its management, at a 20 to 30 per cent discount to the purchase price depending on the item, honestbee's chief executive Ong Lay Ann told The Business Times on Monday.

However, he was unable to immediately provide an estimate of how much worth of assets honestbee has liquidated in total. In a follow-up response, an honestbee spokesperson declined to comment on the matter, citing ongoing court proceedings over the company's bid to restructure US$230 million in debt.

Separately, BT understands that honestbee is still holding on to over S$260,000 worth of fine art pieces, including a S$185,000 Zhu Wei sculpture and a Roy Lichtenstein painting said to be worth over S$75,000. Mr Ong confirmed that thes…

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