TRG’s chaos spoils arbitrage opportunity for the stock market

It is the 11th of January 2022. As the results are announced, it seems Zia Chishti has been ousted completely and totally from TRG Pakistan. Chishti stands defeated and there is a sense that the fall from grace is final. What began from allegations of sexual harassment against the Chief Executive of the company seemed to be reaching their conclusion. The elections were the last throw of the dice for Chishti. After having stepped down as a board member, he threw his own hat in the ring for the elections that were being held. 

In addition to that, Zia’s mother, half brother and two of his long-time associates also made themselves eligible for the directors’ election. With a final lobbying attempt at the elections itself, it seemed that he had accepted his defeat and took the results on the chin. When the votes were tallied up, Chishti had lost and there was a feeling that the worst was behind the company.

Alas, that was not so. The elections were held at ICAP Auditorium situated near Teen Talwar in Karachi. What has followed since then seems poetic as the two sides have unsheathed their swords in a battle that shows little sign of resolving.