US Arbitrator Denies Ex-CEO’s Motion Against TRG Pakistan

TRG Pakistan Limited (PSX: TRG) announced on Monday that a US arbitrator has rejected former CEO Zia Chishti’s request for a preliminary injunction aimed at halting Greentree Holdings Limited’s (GHL) tender offer and expediting the company’s board elections. The ruling, issued on February 28, 2025, marks the second time Chishti’s attempts to restrict GHL’s voting influence in board elections have been denied, the company said in a stock filing on Monday. Chishti had initially sought similar relief on November 29, 2024, in an arbitration proceeding, but his motion was rejected on December 9, 2024. The latest decision reinforces GHL’s ability to proceed with its planned actions without interference from Chishti’s legal challenge. In a separate arbitration involving TRG Pakistan’s associate, The Resource Group International Limited (TRGIL), Chishti was found to have materially breached a share purchase agreement by making unauthorized pledges and sales of company shares. A partial final award issued in late January 2025 ordered him to comply with the agreement’s terms and reimburse TRGIL for reasonable legal fees and arbitration costs. TRG Pakistan has not provided further comments on the rulings but remains focused on its corporate governance and strategic plans moving forward, the filing added.