Status-quo: Chishti suffers Supreme Court reversal in battle for TRG Pakistan control

In a reversal for former TRG Pakistan CEO Zia Chishti, the battle for the control of PSX-listed TRG Pakistan Limited has taken a new turn with status-quo ordered by the Supreme Court of Pakistan (SCP) on a recent ruling by the Sindh High Court (SHC) in favour of Chishti.

The SHC had issued a ruling on June 20, 2025 abating a $53 million tender by the company’s largest shareholder Greentree Holdings, as well as annulling Greentree’s shareholding and ordering elections.

Greentree subsequently appealed the ruling at the SCP, which has led to an interim order asking all parties to maintain status quo.

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TRG Pakistan’s share price reacted immediately to the posting of the order on the Supreme Court’s website, jumping by 7% on hopes of a quick resumption of the tender, before reaching at a more modest gain of 1% as investors digested the news of a legal battle through the SCP.

Chishti had resigned from the company in late 2021 upon disclosure in US Congressional testimony of an arbitration award against him for sexual misconduct.

The company’s current management has maintained that any association of Chishti with the company would be damaging to its assets and reputation.

At the same time, the company’s Bermuda based affiliate TRG International has sought to remit to Pakistani shareholders the proceeds of sales of its stakes in its portfolio companies by way of share purchases by Greentree Holdings.

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Chishti had successfully challenged Greentree’s remittance of funds and purchase of shares in the SHC, which has now been appealed in the SCP.

With Chishti’s takeover efforts for TRG Pakistan now at least delayed by the Supreme Court appeal process, the impact on former TRG Pakistan CEO’s financial liabilities is unclear as Chishti’s path to accessing the significant liquidity at TRG International has narrowed.

With significant creditor liabilities ranging from the US tax authorities to bank defaults to arbitration fee awards, Chishti is estimated to owe over $30 million to various parties.