Ripple Unit Moves to Enforce $24M Judgment Against Tranglo Shares | CoinMarketCap
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A Malaysian court has made a charging order absolute over 100,465 Tranglo shares owned by Currenc Group subsidiary Seamless, Currenc said in an SEC filing, adding it was informed on Oct. 1.
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The order lets Ripple Markets APAC pursue enforcement of a Singapore judgment for $23.95 million in principal that the filing says remains unsatisfied.
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Currenc agreed in January to sell the same shares, its 60% controlling interest in Tranglo, for $400 million.
Ripple’s Singapore-based unit can seek a court-ordered sale of a controlling stake in cross-border payments firm Tranglo to collect on a judgment with $24 million in principal, after a Malaysian court made a charging order absolute over the shares, Nasdaq-listed Currenc Group disclosed.
The shares are the same 60% stake that Currenc agreed in January to sell for $400 million, putting a payments firm in which Ripple agreed to buy a minority stake in 2021 at the center of a debt dispute.
Currenc was informed on Oct. 1 that the High Court of Malaya had made the charging order absolute over 100,465 Tranglo shares owned by its subsidiary Seamless Group, according to a Form 6-K
filing
dated Oct. 7.
Currenc Group revealed the move in an October filing. Source: SEC
The order stems from a Singapore High Court summary judgment entered in April 2025 against Seamless and GEA Limited in favor of Ripple Markets APAC Pte. Ltd., which Ripple has
described
as its Singapore subsidiary.
As of Currenc’s April 30 annual report, the two were jointly and severally liable for a principal sum of $23,952,480, plus late payment charges and costs, and the judgment “remains unsatisfied,” the filing says.
Beginning Oct. 7, Ripple Markets APAC “may commence further proceedings” to enforce the order and seek a sale of the shares. “Any such sale would require further enforcement proceedings,” Currenc said, adding that Seamless may seek to protect its interests, including on valuation.
The enforcement step lands on shares Currenc agreed to sell. In January, the company agreed to sell its 60% controlling interest in Tranglo, the same 100,465 shares, to New Margin Holding for $400 million, according to an earlier
filing
.
That deal called for $200 million at closing and $200 million 90 days later, subject to regulatory approval and third-party consents. The agreement was set to terminate automatically if its closing conditions were not satisfied or waived by Sept. 30, 2026.
Ripple agreed to buy 40% of Tranglo in 2021, Tranglo
said
at the time. Ripple’s payment network uses
distributed ledger technology (DLT)
, and its On-Demand Liquidity service uses the
digital asset
XRP (
XRP
) to send money across borders.
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