Zia Chishti ordered to turn over assets to TRG International, clear up remaining balance in arbitration award
TRG Pakistan stated on Friday that a federal judge in the US District Court in the Southern District of New York (SDNY) has ordered Zia Chishti, former CEO of the company, to turn over assets to TRG International in 30 days for an amount up to the remaining balance of the arbitration award.
The development came on June 18, 2026 as the judge issued the ruling in the enforcement proceeding relating to the recovery of the monetary portion of the arbitration award against Chishti.
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“TRG Pakistan Limited has been informed by its associated company, The Resource Group International Limited, that on June 18, 2026, a Federal Judge in the United StatesDistrict Court in the Southern District of New York (“SDNY”) issued a ruling in an enforcement proceeding relating to the recovery of the monetary portion of an arbitration award against Zia Chishti,” TRG Pakistan stated in its notice to the Pakistan Stock Exchange (PSX) on Friday.
“A United States arbitrator had issued an award against Chishti in early 2025 after finding that Chishti’s pledging of his Company shares in favour of JS Bank violated his contractual obligations to TRGI and ordered the payment of US$9.1 million to TRGI.
“The SDNY found that transfers of US$9.8 million made by Chishti to his spouse were voidable under New York’s fraudulent transfer laws, of which US$8.7 million of transfers were made with actual intent to hinder, delay or defraud creditors. The SDNY further noted that Chishti’s creditors included TRGI under the arbitration award and the United States Internal Revenue Service in respect of approximately US$10 million in unpaid federal tax liabilities.
“The SDNY has ordered the turnover of assets to TRGI in 30 days for an amount up to the remaining balance of the arbitration award. The ruling further permits satisfaction of that obligation, at the election of Chishti’s spouse, through the transfer to TRGI of shares of the Company held by her.”
TRG Pakistan said that it is monitoring developments relating to the implementation of the order and will make such further disclosures as may be required under applicable law.
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