A Malaysian court has granted Ripple a charging order over Seamless Group’s 60% interest in payments firm Tranglo, part of Ripple’s effort to recover about $23.95 million tied to unpaid XRP invoices. The stake had been valued at $400 million in January, giving the dispute potential significance beyond the underlying debt amount.

The order allows Ripple to move toward a court-approved sale from Oct. 7, according to the source material, although Seamless still has room to challenge the valuation used in the process. The claim stems from Ripple’s on-demand liquidity service, which uses XRP as a bridge asset between fiat currencies.

How the debt dispute developed

The case traces back to Sept. 12, 2022, when GEA Limited, a Hong Kong remittance company that was then owned by Seamless, entered into an XRP purchase agreement with Ripple and also received a $5 million line of credit. Under that arrangement, GEA accumulated four invoices but paid only part of what was due.

Ripple later withdrew the ODL service in March 2023. Two months after that, Seamless and Regal Planet gave guarantees covering what GEA still owed, according to the extracted report. Ripple’s current enforcement action is based on those guarantees as it seeks to collect the unpaid balance.

What the Malaysian order means

The charging order gives Ripple a legal claim over Seamless’s 60% stake in Tranglo as security for the debt. In practical terms, it opens a path for Ripple to ask the court to authorize a sale of that holding if the amount remains unpaid.

The source says Ripple can seek that court-approved sale from Oct. 7. At the same time, Seamless is not without options, because it may still dispute the valuation attached to the stake during the proceedings.

Why Tranglo’s valuation matters

The stake at issue is tied to Tranglo, a cross-border payments company in which Ripple already holds 40%. The 60% interest now under the charging order was priced at $400 million in January, making it a far larger asset than the roughly $24 million debt Ripple is trying to recover.

That valuation has drawn added attention because Currenc had a $400 million agreement to sell Tranglo to New Margin, with a deadline of Sept. 30, 2026. The extracted report says that deadline passed without a disclosed closing. It also notes that Tranglo’s reported processing value remained meaningful, while Currenc’s cash position was tight amid related financing.

Cross-border enforcement remains in focus

Ripple’s pursuit of the Tranglo stake appears to be part of a broader effort to enforce the guarantees across jurisdictions. The company is using both the legal commitments given by Seamless and Regal Planet and the strategic position created by its existing 40% stake in Tranglo.

The next confirmed step is procedural rather than final: Ripple may apply for a court-approved sale, while Seamless can continue to challenge how the 60% holding is valued. Whether the stake is ultimately sold, and on what terms, remains unresolved based on the information currently available.

Source: news.bitcoin.com