Singapore court targets BigPay, Teleport stakes in blow to Tony Fernandes-led Capital A

[KUALA LUMPUR] The Singapore High Court has moved to seize stakes in BigPay and Teleport held by Tony Fernandes-led Capital A, to enforce a US$14.7 million arbitration award. This creates a fresh challenge for the Malaysian group just weeks after it emerged from financially distressed status.

The move escalates a years-long shareholder dispute involving former BigPay shareholders Christopher Davison and Navin Rajagopalan.

It deals a blow to Capital A’s efforts to unlock value from key assets including fintech platform BigPay and logistics arm Teleport after exiting Practice Note 17 (PN17) status. This refers to a classification by Bursa Malaysia for listed companies experiencing severe financial distress.

Capital A is the parent of AirAsia’s non-aviation businesses.

In a Bursa Malaysia filing on Tuesday (Jun 9), Capital A said the sheriff of the Supreme Court of Singapore issued a notice of seizure or attachment against the group’s wholly owned Move Digital.

The notice covers 204.8 million shares in Big Pay, representing a 99.56 per cent stake, and 481,730 shares in Teleport Everywhere, equivalent to an 11.45 per cent shareholding.

The seizure forms part of enforcement proceedings arising from an arbitration dispute brought by Davison and Rajagopalan. The proceedings relate to a partial award requiring Move Digital to buy out the claimants’ shares in BigPay for US$14.74 million, as well as accrued interest linked to certain cost orders in Singapore.

Capital A said Move Digital intends to challenge the seizure. “Move Digital is of the view that it has legitimate grounds to object to and challenge the seizure and sale of the assets,” the company said, adding that it plans to file a written notice of objection.

The development comes less than a month after Capital A exited PN17 status on May 20, ending more than four years as a financially distressed company. The group is pursuing a restructuring centred on its aviation services, logistics and digital businesses following the proposed disposal of its airline operations to AirAsia X.

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BigPay and Teleport are among Capital A’s most important non-airline assets as the group seeks to diversify beyond its airline operations.

Co-founded in 2017 by Davison, Rajagopalan, Salim Dhanani and Fernandes – AirAsia’s founder and currently Capital A’s CEO – BigPay operates as the fintech unit of Malaysia’s AirAsia Group (now Capital A), providing digital banking and consumer financial solutions.

The dispute dates back to November 2021, when Davison and Rajagopalan initiated arbitration proceedings after AirAsia Digital – now known as Move Digital – terminated agreements governing BigPay’s shareholder relationship.

The claimants originally sought between US$140 million and US$183 million, alleging wrongful termination of shareholder and investment agreements and minority shareholder oppression under Singapore law.

A Singapore arbitration tribunal ruled in December 2024 that AirAsia Digital should buy out the claimants’ shares for US$14.74 million – roughly a tenth of the minimum amount originally claimed.

Capital A has continued to challenge the award. In March 2025, AirAsia Digital filed an application in the Singapore High Court seeking to set aside the partial award.

The latest seizure notice suggests the claimants are moving to enforce the award while Capital A continues its efforts to overturn the ruling. While the company did not disclose the potential financial impact of the seizure, the enforcement action targets assets that sit at the centre of its post-airline growth strategy.

Shares of Capital A declined 3.6 per cent to close Wednesday at RM0.40.