The United States District Court for the Southern District of New York ruled May 12 that Zia Chishti’s claims against TRG Pakistan are forever released under a 2022 agreement.
The court determined claims relating to actions before January 10, 2022 cannot be adjudicated in any forum. However, the ruling includes Chishti’s shareholder oppression allegations filed in Sindh High Court petition JCM 12 of 2025.
Chishti signed the Release Agreement when he received over $60 million from TRG International in a 2022 redemption transaction. The SDNY is the court of exclusive jurisdiction that Chishti and other parties selected for adjudicating claims arising from the Release Agreement. Meanwhile, many claims addressed by SDNY were also the basis of various litigation proceedings Chishti initiated against the company.
The ruling comes days after Pakistan’s Supreme Court dismissed appeals by Greentree Holdings, TRG International, and TRG Pakistan against a Sindh High Court ruling. That decision cancelled Greentree’s 30% stake in TRG Pakistan effectively nullifying a $90 million investment. Consequently, TRG Pakistan shares surged 10% hitting the upper lock with 4.2 million shares traded.
Chishti told Reuters he plans to contest for a board seat hoping to secure three to four positions. He resigned from TRG-related positions in 2021 after a former Afiniti employee testified before US Congress regarding sexual harassment and assault allegations. Furthermore, Chishti disputed the allegations and UK’s Telegraph newspaper apologized to him in 2025 after libel proceedings.
TRG International expressed deep concern stating renewed association with Chishti could create serious reputational, governance, commercial, and stakeholder risks. The company noted Bermuda court placed Chishti’s shares in receivership in January 2026. TRG Pakistan stated it will review legal options considering this new development.
