The Singapore High Court has issued a notice to seize shares held by Capital A subsidiary Move Digital in digital wallet operator BigPay and logistics firm Teleport, the Edge Malaysia said.
The enforcement action aims to recover a US$14.7 million (RM59.85 million) arbitration award owed to BigPay co-founders Christopher Davison and Navin Rajagopalan, as reported by The Edge Malaysia.
The order mandates the seizure of Move Digital’s 99.56% stake in BigPay alongside its 11.45% stake in Teleport.
This development highlights the strict enforcement capabilities within Singapore’s legal framework for fintech disputes resolved through arbitration, impacting regional corporate structures.
The conflict traces back to 2021 when the co-founders initiated arbitration under the Singapore International Arbitration Centre.
They alleged minority oppression, wrongful termination, and a breach of agreements after AirAsia Digital (now Move Digital) cancelled its 2017 shareholder agreements.
While the founders initially sought a buyout between US$140 million and US$183 million, the arbitration tribunal issued a partial award in December 2024.
The tribunal directed the Capital A unit to buy out their minority shares for the much lower figure of US$14.7 million, according to The Edge Malaysia.
Move Digital prepares legal response
The current court order also covers unpaid interest on legal cost orders related to the Singapore enforcement proceedings.
Move Digital stated that it intends to file a written objection, maintaining that it has legitimate grounds to challenge the asset seizure.
BigPay remains a key digital financial service component for Capital A. In May 2026, the parent company advanced RM24.13 million to the fintech firm to support its ongoing operations and financial management.
Meanwhile, Teleport serves as the largest revenue driver for Capital A, generating RM308.65 million in the first quarter of 2026.
Despite the legal action, Capital A shares closed higher on Tuesday (9 June), raising its market capitalisation to RM1.86 billion.
Featured image credit: Edited by Fintech News Singapore, based on image by somemeans via Magnific
