Status-quo: Chishti suffers Supreme Court reversal in battle for TRG Pakistan control
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.
US arbitrator orders Zia Chishti to pay $9.1mn to TRG International
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.
Zia Chishti, The Telegraph settle libel suit over reporting of ex-employee's 'grooming' allegations
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
5 hours ago
- Express Tribune
PSX nears 132,000 as bulls charge on
Listen to article The Pakistan Stock Exchange (PSX) ended the week on a bullish note, with the benchmark KSE-100 Index gaining 0.97% on Friday to close around 131,950 points, marking a robust weekly advance of 6%. The market's upward momentum was driven by strong institutional buying, fuelled by fresh equity allocations, as reflected in data from the National Clearing Company of Pakistan Limited (NCCPL). Among the top gainers, Bank Alfalah Limited, MCB Bank Limited, National Bank of Pakistan, and Meezan Bank Limited made notable contributions, adding a combined 1,289 points to the index. "Stocks closed bullish at a new all-time high as investors weighed the rupee recovery and SBP FX reserves reaching $19.87 billion amid improved inflows and political stability," said Ahsan Mehanti, Managing Director of Arif Habib Corp. Falling government bond yields and investor speculation ahead of major earnings announcements due next week also played a catalyst role in the record close at the PSX, he added. According to AHL, the KSE-100 Index closed Friday with a rise of 0.97%. Out of the traded stocks, 60 advanced while 37 declined. Major contributors to the index included UBL (+5.7%), HBL (+5.55%), and Systems Limited (+4.68%). On the downside, FFC (-2.15%), PPL (-1.57%), and Engro Holdings (-0.83%) weighed on the index. Notably, listed companies on the PSX distributed a record Rs848.9 billion in cash dividends during FY25, reflecting a 23% year-on-year increase. With 130,000 points now forming a strong support level, further gains are expected in the coming week. At the close of trading, the KSE-100 Index surged by 1,262.41 points, or 0.97%, to settle at 131,949.07. Topline Securities noted in its market review that the KSE-100 Index largely traded in the positive zone during the session, closing at 131,949 (up 0.97%). The upward trend was attributed to institutional buying driven by new allocations to equity funds, as indicated by NCCPL data. United Bank Limited (UBL), Habib Bank Limited (HBL), Systems Limited (SYS), Bank Al Habib Limited (BAHL), MCB, National Bank Pakistan (NBP), and Meezan Bank Limited (MEBL) made the highest positive contributions, collectively adding 1,289 points to the index. In other developments, Sazgar Engineering Works Limited (SAZEW) reported its June 2025 sales, with 4-wheeler sales at 1,349 units (up 47% month-on-month and 2.55 times year-on-year), taking FY25 total sales to 10,844 units — double from the previous year. Muhammad Hasan Ather of JS Global noted that the KSE-100 Index closed the session on a strong note, gaining 1,262 points to settle at 131,949. Broad-based buying was observed across key sectors, particularly autos, banks, and power. Investor sentiment remained upbeat, supported by improved macroeconomic indicators and expectations of further monetary easing. Overall trading volume stood at 733.1 million shares, down from 899.8 million in the previous session. The value of shares traded during the day was Rs34.9 billion. Shares of 473 companies were traded. Of these, 255 closed higher, 177 declined, and 41 remained unchanged. WorldCall Telecom led the turnover with trades worth Rs58.3 million, losing Rs0.04 to close at Rs1.55. It was followed by Bank Makramah with Rs35.8 million shares, down Rs0.03 to Rs5.12, and Treet Corp with Rs29.7 million shares, up Rs1.07 to close at Rs23.93. Foreign investors sold shares worth Rs655.5 million, according to NCCPL data.
Business Recorder
6 hours ago
- Business Recorder
Bridging the financial gap: insights from Karandaaz Financial Inclusion Survey (K-FIS)—I
While health and education have traditionally dominated the human development and public policy agenda globally, financial inclusion has increasingly emerged as a critical development goal over the past decade and a half. The rationale is straightforward: by integrating the underbanked, underserved, and financially excluded populations into the formal financial system, economies can become more resilient and inclusive. Access to financial services – such as bank accounts, credit, savings, and insurance – empowers individuals and simultaneously expands the formal economy, enhancing government capacity to raise revenue and deliver essential public goods and services. In Pakistan, financial inclusion remains low when measured as the percentage of working-age individuals (15+) who own a bank account. According to the Karandaaz Financial Inclusion Survey (K-FIS) 2024, only 35 percent of Pakistani adults are financially included. Although this marks a 3.5-fold increase since the World Bank's inaugural Findex Survey in 2011, when the figure stood at 10 percent, Pakistan still trails its regional peers. As of 2021, financial inclusion stood at 77.5 percent in India, 54 percent in Nepal, 89.3 percent in Sri Lanka, and 52.8 percent in Bangladesh. The South Asian average was 67.9 percent. Digging deeper into the 2024 K-FIS findings reveals significant disparities within Pakistani society. One of the most glaring is the gender gap. Only 14 percent of women are financially included, compared to 56 percent of men. While limited financial literacy plays a role (as confirmed by the data), deeper structural factors also contribute. Women's limited agency in household decision-making is a critical issue: only 11 percent of women report having a say in financial matters, whether it's saving, purchasing assets like livestock, or deciding on household consumption. Digital literacy is another barrier, with men scoring 65 versus women's 48 on self-reported ability to use mobile phones, send texts, and navigate social media platforms. The survey underscores that financial exclusion for women is not just a matter of access, but also of societal norms and intra-household dynamics. Ali Akbar Ghanghro (Senior Manager Research & Insights, Karandaaz Pakistan) Copyright Business Recorder, 2025
Business Recorder
8 hours ago
- Business Recorder
Azerbaijan to invest $2bn in economic sector
SHUSHA, (Azerbaijan): Pakistan and Azerbaijan in a major development Friday signed a partnership agreement of $ two billion investment in Pakistan. The agreement was reflective of the continuing flow of investment in Pakistan under the leadership of Prime Minister Muhammad Shehbaz Sharif. In the presence of the prime minister, Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar and Azerbaijani Economy Minister Mikayil Jabbarov signed the agreement for investment of a total of $ two billion by Azerbaijan in the economic sector of Pakistan. The Pakistani delegation was also present on this occasion. PM Shehbaz urges regional unity, highlights India's 'weaponisation of water' at ECO summit The agreement was signed between the two countries after a cordial meeting between the Prime Minister and the Azerbaijani President Ilham Aliyev in Khankandi. While the final and detailed agreement will be signed during the Azerbaijani President's visit to Pakistan. The agreement has taken investment and trade relations between the two countries to a historic level. This agreement will prove to be a milestone for further promotion of brotherly relations between the two countries and for strengthening of trade partnership. Prior to the recent visit of the Prime Minister, the Deputy Prime Minister and Foreign Minister, Pakistani diplomatic mission and delegations reached consensus on different aspects of this agreement. Both countries also agreed on further exchanges to promote cooperation in various sectors. While talking to media in Shusha, Prime Minister Shehbaz Sharif told that Pakistan and Azerbaijan signed investment agreement of $ two billion, adding in future the investment will be increased manifold. 'We are thankful to President of Azerbaijan for investment in Pakistan,' he remarked. He said he had a productive and useful meeting with the President of Azerbaijan. The prime minister said the member countries at the Economic Cooperation Organisation (ECO) summit agreed to enhance cooperation in trade, investment, water resources and different other fields. The member countries also agreed to increase cooperation on issue of melting of glaciers, he added.
