Karachi March 3 2025: US arbitrator denied Zia Chisti motion in which he sought court to stop Greentree holding from proceeding with its tender offer, according to TRG Pakistan filing to the exchange.
TRG Pakistan Limited (the “Company”) had previously disclosed on February 17, 2025 that on January 28, 2025, the Company’s former CEO, Mr. Zia Chishti, filed a motion for preliminary injunction in a U.S arbitration involving the Company, seeking to stop Greentree Holdings Limited (“GHL”) from proceeding with its tender offer, while at the same time accelerating the board elections of the Company.
In an order issued by the US arbitrator on February 28, 2025, Mr Chishti’s motion was denied on both counts.
Earlier, on November 29, 2024, Mr. Chishti had moved for preliminary relief in the same arbitration to place various restrictions on GHL’s voting in a board election of the Company. In a ruling dated December 9, 2024, the arbitrator had also denied Mr. Chishti’s motions.
Separately, in a different arbitration between Mr. Chishti and the Company’s associate The Resource Group International Limited (“TRGIL”) for which a partial final award was issued in late January 2025, Mr. Chishti was found to have materially breached a share purchase agreement among him, TRGIL, the Company and others by engaging in unauthorized pledges and sales of Company shares. Mr. Chishti was ordered, inter alia, to comply with the relevant provisions of the agreement going forward and to pay TRGIL’s reasonable attorney fees and costs for the arbitration.
