Court Directs Compliance with Arbitration Award
A United States federal court has directed former TRG Pakistan CEO Zia Chishti to satisfy the outstanding balance of a $9.1 million arbitration award issued in 2025. The order, from the US District Court for the Southern District of New York, stems from contractual disputes over company shares. The enforcement proceedings are linked to an earlier arbitration decision involving TRGI.
Asset Surrender and Share Transfer
According to the court's directions, the remaining amount may be recovered through the surrender of assets, including a possible transfer of TRG Pakistan shares associated with Chishti's spouse. The proceedings arise from findings related to the pledging and handling of company shares.
Financial Transfers and Creditor Concerns
The court reviewed financial transfers amounting to approximately $9.8 million made to Chishti's spouse. It noted concerns that the transactions may have been arranged to obstruct or delay creditors. The court also referred to creditor claims involving TRGI and the US Internal Revenue Service, which is owed around $10 million in unpaid taxes.
Credibility Findings
In its observations, the court cited previous findings regarding Chishti's credibility, noting that his testimony had repeatedly been questioned across judicial and arbitral proceedings. The order referred to earlier remarks describing parts of his testimony as lacking complete candor and being adjusted to suit his legal position. The judge further noted that inconsistencies and alleged misstatements across multiple proceedings supported a finding of actual intent to hinder, delay, or defraud creditors.
Enforcement Timeline
Under the enforcement order, Chishti has been directed to turn over assets within 30 days, up to the remaining value of the arbitration award. The court also allowed compliance through arrangements involving shares connected to TRG Pakistan holdings.
