A Singapore court has moved to seize stakes in fintech firm Big Pay and logistics unit Teleport held by Capital A Bhd
.’s Move Digital Sdn. to enforce an arbitration award stemming from a shareholder dispute.
The Sheriff of the Supreme Court of Singapore had issued a notice of seizure to enforce a partial arbitration award requiring Move Digital to buy the Big Pay shares held by Christopher Davison and Navin Rajagopalan for a combined US$14.7mil, Capital A said in a filing to the Kuala Lumpur bourse late Tuesday.
The assets targeted for seizure include a 99.56% stake in Big Pay Pte. and an 11.45% holding in Teleport Everywhere Pte.
Move Digital intends to file a formal objection. "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,” Capital A said in the filing. - Bloomberg
