Capital A Bhd said its wholly-owned subsidiary, Move Digital Sdn Bhd, intends to challenge a seizure order issued by Singapore authorities involving its shareholdings in BigPay and Teleport as part of an ongoing shareholder dispute linked to fintech platform BigPay.
The group disclosed that the Sheriff of the Supreme Court of Singapore issued a notice of seizure or attachment on June 9 against Move Digital to enforce a court order arising from arbitration proceedings initiated by former BigPay shareholders Christopher Davison and Navin Rajagopalan.
The seizure action relates to the enforcement of a partial arbitration award requiring Move Digital to purchase the claimants’ shares in BigPay at a buyout price of US$14.74 million, as well as the recovery of accrued interest on certain cost orders in Singapore amounting to S$541.20.
Under the notice, the Sheriff may seize and sell two assets held by Move Digital:
- 481,730 shares in Teleport Everywhere Pte Ltd, representing an 11.45% stake; and
- 204.81 million shares in BigPay Pte Ltd, equivalent to a 99.56% shareholding.
Capital A noted that the principal sums relating to the cost orders had already been settled, with the outstanding amount relating only to accrued interest.
The company said Move Digital believes it has valid grounds to object to the enforcement action and intends to file a formal notice challenging the seizure and potential sale of the assets.
Capital A owned by Tan Sri Tony Fernandes also stated that Move Digital is of the view that it has legitimate grounds to object to and challenge the seizure and sale of Move Digital’s assets.
The latest development stems from a long-running shareholder dispute involving BigPay, which has been the subject of arbitration proceedings before the Singapore International Arbitration Centre (SIAC).
The dispute has been disclosed in Capital A’s annual reports and previous announcements over the past several years, with the company providing regular updates on developments related to the arbitration and enforcement proceedings.
BigPay, one of Capital A’s key digital businesses, provides financial services including payments, remittances, budgeting tools and digital banking solutions across Southeast Asia, while Teleport operates the group’s logistics and cargo platform.
