TRG Chairman and CEO ordered to face criminal charges

KARACHI (By News Agencies): The Sindh High Court orders criminal charges against The Resource Group (TRG) management to proceed with the further order for the TRG Chairman Mohammed Khaishgi and CEO Hasnain Aslam to appear before the court.

The Sindh High Court ruling follows an earlier ruling by the District and Sessions Court in Karachi in February 2023, ordering criminal defamation charges against the management and board of Bermuda-based TRG International to proceed. The charges were brought by former TRG Pakistan CEO Zia Chishti challenging defamatory statements made against him in a letter written by TRG International to its parent, TRG Pakistan.

Leadership in Adversity: Trump’s Defiance, Harris’s Grace, and the Spirit of Democracy

Shah Rukh Khan Gets Threat Call, Police File Case

Elon Musk In Trump Family’s Election Victory Photo. But Melania Is Missing

The defendants in the District Court were listed as Mr. Mohammed Khaishgi, the Chairman of TRG Pakistan; Mr. Hasnain Aslam, the CEO of TRG Pakistan; Mr. Hassan Farooq, the CFO of TRG International; Mr. Pat Costello, the General Counsel of TRG International; and various present and former directors of TRG International including Mr. Zafar Sobani, Mr. Patrick McGinnis, Mr. Khaldoon Latif, and Mr. John Leone.

After having been ordered by the District Court to appear, the defendants approached the Sindh High Court and received a stay order that blocked the District Court from proceeding. After a twenty-month delay, the Sindh High Court vacated its stay and ordered the proceedings against the defendants to continue in the District Court. The next hearing in the District Court is set for November 16, at which the defendants will have to appear or face arrest warrants.

Several of the defendants have now approached the Supreme Court seeking a further stay of the proceedings. Legal experts say that such a further stay is unlikely given the ruling of the Sindh High Court that TRG’s leadership was attempting to bypass the proper legal process by filing revision applications directly with the high court. Citing legal precedent, the court stated that all such grievances should first be heard in the appropriate trial court.

India Cancels Consular Camp In Toronto Over ‘Inadequate Security’

Naqvi reaffirms commitment to Chinese security after Karachi incident

Pakistan welcomes report of UN Special Rapporteur on Palestine

The criminal defamation proceedings in Karachi are part of a broader set of legal proceedings between Mr. Chishti and TRG’s present leadership, including dueling arbitrations filed against each other in the United States. In one arbitration that TRG filed against Mr. Chishti in January 2023, TRG alleged that Mr. Chishti was not allowed to sell or borrow against his TRG shares. TRG has received a stay order in Pakistan freezing Mr. Chishti’s shares pending the conclusion of the U.S. arbitration.

On the other side, Mr. Chishti had filed an arbitration in the United States alleging criminal, civil, and contractual violations by TRG, Mr. Aslam, Mr. Khaishgi, and other related defendants. TRG had received a stay on that arbitration, but this stay was rejected by a federal court in the United States last month which ordered the arbitration to proceed.

The expected rulings in the three sets of proceedings could have major consequences for TRG and its management. An election for the TRG board is expected in January of 2025 and should Mr. Chishti prevail in his various litigations that may increase his chances of retaking control of TRG. In his public filings, Mr. Chishti has pointed out that under the present management TRG’s stock price has collapsed and the company has recorded staggering losses including a loss of over 30 billion rupees last year.

Govt aims to utilize Australia’s expertise in agri, livestock

Humayun Saeed, Mahira Khan starrer film to release on Eid next year

Pakistan sets new world record by making largest human flag

When asked for comment, Mr. Chishti stated: “TRG and its present management have taken millions of dollars out of the company for themselves while overseeing a collapse in the business. The company’s most prized asset, Afiniti, is now in insolvency in Bermuda. The company’s stock price is down over 70% while at the same time the Pakistani market is up 70%. The company is covering up sexual harassment allegations against its CEO Hasnain Aslam. The Company has not held an AGM of shareholders or had its accounts approved in three years. What was once Pakistan’s premier technology business has been ruined. Let’s see what how company’s shareholders vote in January when, after three years of disaster under this team, board elections are finally due.”

Mr. Aslam and Mr. Khaishgi both declined to comment.

With the Sindh High Court vacating its stay orders, the District and Sessions Court trial court proceedings have commenced with notices issued to Messrs. Khaishgi, Aslam, Leone, McGinnis, Saigol, Sobani, Khaldoon Bin Latif, Costello and Farooq. It remains to be seen if the defendants, the majority of whom do not reside in Pakistan, will attend the proceedings in the district court.

Interior Minister visits Chinese Embassy in Islamabad

Finance Minister, Japanese envoy discuss bilateral ties

PM to attend Joint Arab Islamic Summit in Riyadh