The High Court of Malaya made absolute a charging order over 100,465 Tranglo shares held by Seamless Group on October 1, granting Ripple a mechanism to recover roughly $24 million in unpaid XRP invoices. The charged shares represent 60% ownership in Tranglo, a remittance processing company, with a valuation of $400 million established in January.
The debt originated from Ripple's on-demand liquidity (ODL) service, which uses XRP as a bridge currency between fiat markets. GEA Limited, a Hong Kong remittance firm then owned by Seamless, signed an XRP purchase agreement and $5 million line of credit with Ripple on September 12, 2022. GEA issued four invoices—one in October 2022 and three in March 2023—but paid only $8,455,740 toward one invoice, leaving $23,952,480 in principal unpaid before late fees and court costs.
Ripple withdrew the ODL service on March 11, 2023, following the collapse of Silicon Valley Bank. Two months later, Seamless founder Alexander Kong, Seamless, and Regal Planet signed a deed guaranteeing GEA's debt.
The defendants argued that an oral 2021 "Cooperation Agreement" prohibited Ripple from terminating ODL services. Singapore's High Court rejected this argument in an earlier judgment. Judge Valerie Thean dismissed the defendants' appeal and refused to stay enforcement of the judgment.
Ripple first secured the Singapore judgment, then registered it in Malaysia on April 17 under the Reciprocal Enforcement of Judgments Act 1958. Beginning October 7, Ripple may initiate proceedings to force a sale of the charged shares, though Seamless retains the ability to contest the valuation, manner, and terms of any sale.
The Tranglo shares were originally slated to be sold this year. On January 2, parent company Currenc announced an agreement to sell them to New Margin Holding Limited for $400 million, with half due at closing and half after 90 days. The agreement set a hard deadline of September 30, 2026, for closing conditions to be met. Currenc has not disclosed a closing, and the shares remain owned by Seamless according to Currenc's October 7 SEC filing.
Ripple already owns 40% of Tranglo through a 2021 acquisition agreement, meaning the charged shares represent the remaining 60% stake. The case demonstrates Ripple's willingness to pursue collection across multiple jurisdictions against former business partners.
