The alleged involvement of its CEO in a sexual harassment scandal has triggered an abrupt fall in the price of the shares of Resource Group (TRG) Pakistan in the last couple of days.
Following the reports of involvement of CEO TRG Pakistan, Muhammad Ziaullah Khan Chisti, in a sexual assault case in the local and international media, the share price of the company declined by 7.5% in the last two trading sessions to stand at Rs. 111.62 per share.
In its clarification, the TRG has stated that there are various articles being circulated in the electronic media in relation to the company’s CEO, which is potentially affecting the market price of the company.
“While we understand that the CEO of the company strongly disputes the accusations leveled against him, the matter involves the laws and procedures of a foreign jurisdiction and not of Pakistan,” reads the clarification.
The firm has proclaimed that as and when it is made aware of any material development on the matter, it will inform the shareholders accordingly.
TRG CEO, Muhammad Ziaullah Khan Chishti, is a Pakistani-American investor and business executive. He is the founder of Afiniti and TRG Global. He was facing an accusation of sexual harassment from a former employee of data and software company Afiniti, of which Chishti is the CEO and board chairman.
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Jurisdiction: Pakistan