Supreme Court Clears Way for Zia Chishti’s Return to TRG Pakistan

The Supreme Court of Pakistan has dismissed appeals against a Sindh High Court ruling that cancelled a 30 percent stake held by Bermuda based Greentree Holdings in TRG Pakistan, a decision that could strengthen founder Zia Chishti’s influence over the company.

According to a notice sent to the Pakistan Stock Exchange, the Supreme Court converted the petitions into appeals before dismissing them, adding that detailed reasons would be issued later.

The appeals had been filed by Greentree Holdings Limited, The Resource Group International Limited, and TRG Pakistan Limited against the Sindh High Court’s 2025 ruling. Following the decision, TRG Pakistan shares surged as much as 10 percent on Monday.

The ruling is being closely watched due to TRG Pakistan’s international footprint, including indirect stakes linked to artificial intelligence firm Afiniti and Nasdaq-listed customer management company IBEX.

Following the decision, Zia Chishti told Reuters that he plans to contest for a seat on the company’s board and hopes to secure three to four seats. Chishti resigned from TRG-related positions in 2021 after a former Afiniti employee testified before the US Congress regarding arbitration findings tied to sexual harassment and assault allegations, which he has denied.

In a separate statement attached to the PSX notice, TRG International expressed “deep concern” over the implications of the ruling, warning that renewed association with Chishti could create “serious reputational, governance, commercial, and stakeholder risks” for TRG-related entities.

The company said the cancellation of Greentree’s shares effectively nullified an investment of around $90 million and raised concerns for foreign investors regarding corporate governance and legal protections in Pakistan.

TRG International also stated that multiple governance and structural protections are already in place, including a Bermuda court order placing Chishti’s shares in receivership earlier this year.

The company maintained that TRG Pakistan only holds a non-controlling interest in TRG International and said it would continue pursuing legal and strategic measures to protect its business and stakeholders.

TRG Pakistan hit the upper lock, gaining Rs. 6.11 to trade at Rs. 67.10, up 10.11 percent, with turnover clocking in at 4.2 million shares at the time of filing this report.