TRG says ‘any association with Zia Chishti’ would damage value of company’s underlying assets

TRG Pakistan said on Tuesday that any association with Zia Chishti would be highly damaging to the value of the company’s underlying assets, and it is engaged in multiple lawsuits involving unlawful attempts by the ex-CEO to regain control of the company.

The statement was shared by TRG Pakistan Limited in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“This is with respect to newspaper advertisements published by Muhammad Ziaullah Khan Chishti attempting to requisition an extraordinary general meeting of TRG Pakistan Limited, with the agenda involving the removal of 9 out of 10 directors of the Company, as well seeking amendments to the Articles of Association of the company,” read the notice to the bourse.

It said the company and others have filed “Suit no. 1603 of 2023 before the Sindh High Court at Karachi, challenging the false, unsubstantiated, and defamatory allegations published by Zia Chishti, and asserting that his actions are part of his continued and mala fide efforts to unlawfully take over control of the company.

“The Honourable High Court of Sindh was pleased to pass an interim order dated September 28, 2023 in the said proceedings, ordering that the impugned requisition notice shall not be acted upon,” TRG Pakistan added, referring to the attached notice.

Back in 2021, Zia Chishti resigned as the CEO of TRG Pakistan (and all associated positions) following allegations by an ex-employee in a United States Congressional testimony of an arbitration award against him for sexual harassment and assault. Chishti denied the allegations.

TRG Pakistan said the company believes that any association with Zia Chishti would be highly damaging to the value of the company’s underlying assets. “(The company) is engaged in multiple lawsuits involving unlawful attempts by Zia Chishti to regain control of the company.”

Back in 2021, Tatiana Spottiswoode, a 23-year-old former employee of Afiniti, detailed a string of allegations against the chief executive to members of Congress in the US on November 16. Spottiswoode accused Chishti of sexual assault during her 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.