SINGAPORE: 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$14.7 million, Capital A said in a filing to the Kuala Lumpur bourse late Tuesday.
Shares of Capital A fell as much as 6% on Wednesday, their steepest drop since late March.
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.
