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Business & Finance

Afiniti announces Zia Chishti has stepped down as chairman, CEO

  • Board says additional organisational announcements will be made in coming days
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By Bilal Memon
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The Board of Directors of Afiniti Ltd has announced that Zia Chishti has stepped down from his role as chairman, Chief Executive Officer, and director of Afiniti, effective immediately.

The Board said it will make additional organisational announcements in the coming days.

On Tuesday, a 23-year-old former employee of Afiniti – a US company that still accounts for 57% of TRG Pakistan’s value and is also founded by Chishti – detailed a string of allegations against the chief executive to members of Congress in the US, according to The New York Times.

TRG Pakistan's share price plummets amid allegations on CEO

Tatiana Spottiswoode accused him of sexual assault during testimony to a hearing into how forced arbitration clauses signed with companies have been used to prevent survivors of sexual harassment and sexual violence from pursuing cases through the courts.

Chishti denies the accusations.

Bilal Memon

Bilal Memon is the Head of Digital Content at Business Recorder. His Twitter handle is @bilalahmadmemon

Comments

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ASLAM Nov 19, 2021 12:57pm
A classical example of SATTA designed by SHORT SELLERS MAFIA of PAKISTAN STOCK EXCHANGE, , who uplifted share price from PKR 15 to PKR 180 and reaped bumper profit and washed out entire saving of fool investors. Now upon the basis of this news, share price shall be settled down, at its intrinsic value, without blaming on share price maneuvers.
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Abdul Aziz khosa Nov 19, 2021 05:44pm
What does the business has to do with the behavior of an individual.Aslam is 100% correct in his comments.it is the manipulation by Satta mafia which has dragged the TRG price so low that's enough to drown the small investors.
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Dr.Qazi Abdul Basit Nov 20, 2021 09:18am
@Abdul Aziz khosa, Hold is the key, they way people are selling their shares on lower locks is crazy. What happened has happened, but that doest mean that the company or business is closed. Its still there. Problem is in PSX there are very litttle investors and all the others sre traders. Investor will hold whereas trader/ short termers will keep selling trg
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