U.S. Court says Chishti waived pre-2022 claims against TRG Pakistan

TRG Pakistan Limited said on Thursday a U.S. federal court ruled that former chief executive Zia Chishti cannot pursue claims against the company and its affiliates arising before Jan. 10, 2022, because those claims were waived under a release agreement.

In a notice to the Pakistan Stock Exchange, the company said the United States District Court for the Southern District of New York held that such claims were “forever released and cannot be adjudicated in any forum.”

TRG Pakistan said the ruling includes Chishti’s allegations that the company and its affiliates oppressed him as a shareholder.

The company said Chishti executed the release agreement in 2022 after receiving more than $60 million from TRG International in a redemption transaction.

According to TRG Pakistan, many of the claims addressed by the New York court were also raised in litigation initiated by Chishti in other jurisdictions, including shareholder oppression petition JCM 12 of 2025 before the Sindh High Court.

The ruling comes days after the Supreme Court of Pakistan dismissed appeals by TRG Pakistan, TRG International and Greentree Holdings against a lower court order cancelling Greentree’s 30% stake in the Pakistan-listed company.

TRG International said that decision would significantly increase Chishti’s voting influence in TRG Pakistan and warned that any renewed association with him could create reputational, governance and commercial risks.

Chishti resigned in November 2021 after a U.S. congressional hearing disclosed an arbitration award against him involving allegations of sexual harassment and assault.

The dispute over control of TRG Pakistan has become one of the country’s most closely watched corporate governance battles.