The Singapore High Court issued an order on June 9 to seize Move Digital’s 99.56% stake in BigPay and 11.45% stake in Teleport Everywhere, both held by Capital A, to enforce a partial arbitration award [1, 2, 3, 4]. The arbitration requires Move Digital, a Capital A subsidiary, to buy out minority interests held by BigPay co-founders Christopher Davison and Navin Rajagopalan for about US$14.736 million (RM59.85 million) [1, 2, 5, 4].
Davison and Rajagopalan began arbitration proceedings in 2021 against AirAsia Digital (now Move Digital), AirAsia Bhd, and BigPay, alleging breaches of shareholder agreements and minority oppression after their agreements were terminated [1, 2, 4]. The minority shareholders initially sought between US$140 million and US$183 million for their stake buyout, but the arbitration tribunal sharply reduced this to about US$14.74 million in December 2024 [1, 2, 5, 4].
Move Digital plans to file a written objection to challenge the seizure and enforcement action, stating it "believes it has legitimate grounds to object to and challenge the seizure and sale of the assets" [1, 2, 3, 4]. Despite the seizure, Capital A said it does not anticipate any losses, noting the US$14.7 million claim has been accounted for in its financial statements since year-end 2024 [5].
Capital A owns BigPay 99.56% through Move Digital and holds an overall 76.86% stake in Teleport, combining a direct 65.41% and 11.45% via Move Digital [1, 5, 3]. Teleport contributes roughly 40% of Capital A’s group revenue in Q1 2026, making it a major revenue source, while BigPay is part of its digital financial services portfolio [4]. However, some sources say neither unit contributes more than 70% of Capital A's profit before tax or total assets, suggesting no expected losses from the seizure [5, 4].
Capital A emerged from its PN17 financial distress status on May 20, 2026, ending more than four years of financial difficulty [2, 3]. Its shares closed recently at around 40-41.5 sen, with a market capitalization near RM1.79 to RM1.86 billion after the news [5, 4].
As of December 31, 2025, Capital A's total investment cost in BigPay was about RM287.3 million and RM11.5 million in Teleport, but net book values were negative for both [5].
The arbitration award enforcement marks a key development in Capital A’s dispute with BigPay’s minority shareholders. Move Digital's formal objection to the seizure is expected to be filed soon, setting the stage for further legal proceedings [1, 2, 3, 4].
