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TRG International Announces Court-Ordered Transfer and Sale of All Shares Held by Former Chairman Zia Chishti

On Jan. 19, 2026, the Bermuda Supreme Court ordered transfer of all shares held by former Chairman Zia Chishti to a court-appointed receiver for sale, with proceeds to satisfy an arbitration award.
After Mr. Chishti failed to pay the award issued April 22, 2025, the Bermuda Supreme Court recognized the U.S. arbitration award on July 4, 2025 and overruled his objections on October 24, 2025.
The U.S. District Court for the Southern District of New York confirmed the award on June 18, 2025, and in January 2026 found Chishti transferred assets `with the actual intent to defraud TRG-I`, involving an unlawful pledge of TRG Pakistan shares to JS Bank.
The post-award transfers resulted in a $1.2 million payment to Chishti's creditors, while TRG International's global portfolio supports approximately 40,000 employees.
TRG has pursued enforcement in the United States and Pakistan against Mr. Chishti's shares in PSX-listed TRG Pakistan Limited, with proceedings in Sindh High Court initiated May 3, 2025 and reserved for judgment November 3, 2025.

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