ISLAMABAD – Billionaire entrepreneur Zia Chishti claims to have built companies worth over $3 billion and created jobs for more than thousands, but the mogul is now fighting legal tussle after his own employees allegedly hijacked company shares through forgery.
Despite clear court rulings, Chishti claims he has been left bouncing between courts with no justice in sight. Three months back, the Sindh High Court confirmed that a company had illegally purchased shares of TRG using TRG’s own funds.
Both Sindh and Islamabad High Courts also ordered the company to conduct board elections—but no action has yet been taken.
Chishti warns that delays in justice are causing irreparable damage. “Delay in justice is equivalent to denial of justice,” he lamented, calling for immediate intervention by senior authorities.
His case shows serious concerns over corporate fraud and governance in Pakistan, raising questions about how billion-dollar enterprises can be vulnerable to internal manipulation despite decades of success.
Sindh High Court earlier ruled TRG Pakistan’s management acted fraudulently and oppressively, declaring that Bermuda-based Greentree Holdings’ acquisition of nearly 30pc of TRG shares using company’s own funds was illegal.
The court ordered overdue board elections to be held immediately and blocked Greentree’s attempted takeover. The ruling found that board’s actions, including transfers to former partners Mohammed Khaishgi, Hasnain Aslam, and Pinebridge Investments, violated corporate governance and fiduciary duties.
Zia, who filed the case, now stands as the largest shareholder with over 20pc, with experts predicting he will secure control in the upcoming elections. Legal analysts termed the decision as a landmark in Pakistan’s corporate history, reinforcing accountability of boards to shareholders.
Telegraph apologises to Zia Chishti for publishing defamatory allegations
