A Singapore court has ordered the seizure of stakes in fintech firm Big Pay and logistics unit Teleport held by Capital A Bhd.'s Move Digital subsidiary to enforce an arbitration award tied to a shareholder dispute.
The high court's action targets Move Digital's ownership stakes in the two companies as part of enforcement proceedings following an arbitration ruling. The dispute centers on shareholder disagreements involving Capital A, the Malaysian conglomerate previously known as AirAsia Group.
The seizure order represents escalation in the legal conflict, with the court taking direct action to recover assets tied to the arbitration award. Capital A's holdings in Big Pay, a fintech platform, and Teleport, a logistics operator, now face potential liquidation or transfer to satisfy the arbitration judgment.
The move underscores Singapore's enforcement mechanisms for arbitration awards and highlights ongoing financial pressures on Capital A, which has faced multiple legal and financial challenges in recent years. The company has not publicly commented on the court's order.
Details regarding the arbitration award's monetary value and the specific shareholder claims remain undisclosed.
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