TRG International says Bermuda court ordered transfer of Zia Chishti’s shares to court receiver
- Enforcement efforts escalate over $9m arbitration award
The Supreme Court of Bermuda has ordered the immediate transfer of all shares held by former chairman Zia Chishti in The Resource Group International Limited (TRGI) to a court-appointed receiver for sale, with proceeds to be applied toward satisfying an outstanding arbitration award, TRGI said in a statement on Monday. The ruling could mean a major setback for Chishti’s attempts to regain control of the TRG group, centered on its Pakistan Stock Exchange-listed affiliate, TRG Pakistan Limited.
The January 19, 2026, order follows Chishti’s failure to satisfy an arbitration award exceeding $9 million issued on April 22, 2025, which found he breached a legally binding contract by pledging shares in TRG Pakistan as collateral for a 2022 JS Bank loan used to acquire additional TRG Pakistan shares via his spouse. The Bermuda court confirmed the award in July 2025 and dismissed Chishti’s objections in October, allowing enforcement. Proceeds from the sale of his TRGI shares will partially satisfy the award.
A market observer said Chishti’s removal from TRGI’s shareholding likely blocks any remaining path to a takeover via TRG Pakistan. Court filings show TRG Pakistan holds about 45% of TRGI’s voting interest, with Chishti’s now-seized stake representing 16%. The dispute has focused on TRGI’s assets, including cash and shares in U.S.-based portfolio companies. While these assets are now further insulated from TRG Pakistan developments, their value may still be impacted by the affiliate’s significant stake in TRGI.
Chishti resigned from TRG in November 2021 after a U.S. Congressional hearing disclosed an arbitration award against him for sexual harassment and assault. Following his resignation, he has sought to regain control of TRG, which management says would irreversibly damage the value of its assets due to his reputation. Chishti has held that a 2025 settlement with the British newspaper Telegraph on its reporting of the scandal indicates that the legal findings in the U.S. were wrong.
Chishti faces mounting financial pressure, including the arbitration award, a defaulted 2022 JS Bank loan of roughly PKR 2.5 billion, and reported unpaid U.S. taxes exceeding $10 million. In a recent U.S. enforcement hearing, he said he intended to repay his non-tax liabilities—estimated at over $25 million—via retroactive indemnification of legal expenses following a takeover of TRG Pakistan and TRGI. The Bermuda ruling is likely to make that strategy increasingly uncertain.
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Related U.S. court findings
TRGI said the Bermuda order is part of global enforcement proceedings, including in the United States and Pakistan, both signatories to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. In the U.S., the Federal District Court for the Southern District of New York confirmed the arbitration award in June 2025. In January 2026, the court found certain asset transfers by Chishti were made with “actual intent to defraud TRG-I.” According to TRGI, the recipient of those transfers has paid $1.2 million to Chishti’s creditors.
Pakistan enforcement
TRGI initiated enforcement proceedings in Pakistan before the Sindh High Court on May 3, 2025. Hearings have concluded, and judgment was reserved on November 3, 2025, with a final ruling pending.
Chishti’s assets in Pakistan include his 16% shareholding in TRG Pakistan, valued at approximately PKR 6.5 billion, which are subject to multiple proceedings, including litigation with JS Bank over the defaulted loan and parallel proceedings involving TRGI in light of the arbitration award.
Governance and market impact
Market observers say ongoing litigation and enforcement actions weigh on clarity around TRG’s ownership and governance, given its cross-border operations. TRG and its portfolio companies employ about 10,000 people in Pakistan and generate nearly $100 million in annual export revenues. Analysts caution that prolonged legal uncertainty can affect valuation, strategic decisions, and investor confidence for both listed and unlisted entities.
Disclaimer: A board member associated with Business Recorder also serves on the board of TRG. All opinions remain independent.
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