A recent report by Dawn highlights how The Resource Group (TRG) continued creating value while navigating one of Pakistan's most complex corporate governance disputes. The company's co-founders, Mohammed Khaishgi and Hasnain Aslam, argue that the narrative has been dominated by legal proceedings involving former CEO Zia Chishti, overshadowing governance reforms and operational expansion since 2021.
Governance Reforms and Financial Outcomes
According to the founders, governance protections introduced after 2021 insulated operating companies from reputational risks tied to the dispute. These changes allowed TRG to focus on value creation. TRG Pakistan Limited (PSX: TRG) remains a key shareholder in TRG International's portfolio, which includes Nasdaq-listed ibex. The portfolio companies now employ nearly 40,000 people globally, including approximately 10,000 in Pakistan, and generate around $100 million in annual IT exports.
Investment Decisions and Record Returns
Dawn reports that ibex completed a successful Nasdaq IPO in August 2020, while eTelequote was sold in July 2021. Together, these transactions generated over $500 million in value, producing a tenfold return that pushed TRG Pakistan's stock price to record highs in 2021. Since December 2021, nearly $100 million has been distributed to TRG Pakistan shareholders, compared with roughly $15 million during the previous leadership period. The founders attribute this to stronger governance, disciplined capital allocation, and improved execution.
Legal and Governance Milestones
The report revisits events that triggered governance changes, including an arbitration final ruling in April 2019 and subsequent US House Judiciary testimony. Ibex publicly distanced itself from Chishti, while David Cameron and Admiral Mike Mullen resigned from Afiniti's advisory board before Chishti resigned. The company continued implementing governance safeguards while completing the restructuring of Afiniti's unsustainable debt in 2024. The founders also cite a release agreement formalizing governance protections, reports that Chishti defaulted on a Rs2.59 billion loan in early 2025, and a US court ruling regarding claims covered by the release agreement.
