Add as a preferred source on GoogleMalaysian Court Puts Ripple-Linked Tranglo Stake at Risk in $24M XRP Fight
The order covers Seamless Group’s 60% holding in Tranglo, which was valued at $400 million in a proposed sale that has not closed.
A Malaysian court has placed 100,465 Tranglo shares held by Seamless Group at risk in Ripple’s effort to enforce a judgment over $23,952,480 in unpaid XRP invoices.
The High Court of Malaya made the charging order absolute on Oct. 1, covering Seamless’ 60% stake in Tranglo Sdn. Bhd. Ripple Markets APAC may seek a sale of the shares through further proceedings beginning Oct. 7.
The enforcement action stems from a Singapore judgment involving four XRP invoices issued to Hong Kong remittance firm GEA in October 2022 and March 2023. The unpaid principal was set at $23,952,480, excluding late fees and costs. GEA paid $8,455,740 toward one invoice in March 2023 but made no further repayments.
Currenc Group agreed Jan. 2 to buy Seamless’ Tranglo stake for $400 million, with $200 million due at closing and the remaining $200 million due 90 days later. The proposed transaction had a Sept. 30 deadline, and no completion was disclosed.
Tranglo is a cross-border payments company. Ripple’s On-Demand Liquidity service used XRP as a bridge asset for international transfers.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.