In a shock announcement, popular creative markets and events organiser Pingmin Market and Pingmin Hub have decided to close down operations for good.
According to them, the reason for the sudden closure was due to a “serious scheme of fraud” that had taken place within the company.
What the statement said
In a statement released via an Instagram post on Monday (Oct 6), Pingmin Market and Pingmin Hub’s parent company Black Onion Production (M) Sdn Bhd (BOP) said the fraud was so severe that operations can no longer proceed.
In light of the alleged fraud, they are now urging those with evidence or documents that can help bring the perpetrators to justice to step forward.
BOP also reiterated that it holds sole authority in operating Pingmin Market and Pingmin Hub and has not given any third party the rights or permission to use their brands or collect payments on their behalf.
As such, partners, vendors, and venue providers have been instructed to ensure all transactions are made directly with Black Onion Production (M) Sdn Bhd only.
In a nutshell:
- All invoices must be issued under Black Onion Production (M) Sdn Bhd
- All payments must be made to the company’s official bank accounts
- No individual or company is authorised to collect payments on its behalf
- No third party is allowed to issue invoices for Pingmin Market or Pingmin Hub
BOP also listed out two official bank accounts that accepts legitimate transactions, namely Public Bank (323 638 1428) and Affin Bank (1015 700 32193).
Partners, venue providers, suppliers, and vendors who wish to make a transaction are encouraged to do the following:
- Confirm that all agreements are signed with Black Onion Production (M) Sdn Bhd (1522961-P)
- Verify that all invoices are issued by the same company
- Use only the official bank accounts listed
- Request written confirmation if unsure
- Report any suspicious payment requests immediately
Should they come across any invoice or payment request that they believe to be suspicious, they are urged to contact Pingmin Market co-founder Estica Teh at estica.pingmin@gmail.com or +6017 777 9683.
Co-founder speaks out
In an unexpected twist, another co-founder of Pingmin Market, Terrance Lim, released his own statement sharing his side of the incident.
According to him, he came to know of the closure, which he alleged was done without the agreement or approval of all shareholders.
He also claimed that he was locked out from the company’s Facebook and Instagram accounts and that fellow co-founder Estica changed all linked contacts and login information to her personal details.
“Throughout the years, I have placed my full trust in her creative judgment and have never demanded reports or control over design-related matters. Likewise, I believe I was treated the same. Our collaboration was built entirely on faith, mutual respect, and a shared vision for the company.
Therefore, waking up to such an unexpected public statement — issued without prior discussion — has left me deeply shocked, saddened, and helpless.
“I have tried multiple times to reach her through calls and messages, even driving to her residence in hopes of clarifying the matter face-to-face, but my attempts were unsuccessful.”
Terrance said Estica did not relay any form of communication or clarification regarding Pingmin Market’s closure, adding that had “created confusion and anxiety among the team and the many vendors who have journeyed with us through these years.”
He also said a shareholder meeting has been scheduled for Oct 15 to discuss the matter.
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