Zia Chishti Ordered to Pay Rs2.5 Billion to TRG

Staff Report

Islamabad: This is a major setback for former TRG Pakistan CEO Zia Chishti right now. A US arbitrator has directed Chishti to pay $9.1 million (Rs 2.5 billion) to TRG International over a dispute that involved pledged shares.

According to the case, Chishti had used his TRG Pakistan shares as collateral to secure a Rs2.5 billion loan from JS Bank.IBEX Repurchases Shares Worth US$70 Million from TRG

TRG termed this move a Chishti and JS Group broader plan to illegally take over TRG Pakistan and eventually gain control of its global assets.

TRG also maintained that Chishti’s pledge had violated his contractual obligations.

The arbitrator agreed in ruling in January 2025 that Chishti had breached his contract. In April 2025, in the final ruling, Chishti was ordered to pay $9.1 million to TRG International.

The status of the Rs2.5 billion loan from JS Bank remains uncertain. JS Bank recently declared the loan in default in filings with the Sindh High Court. However, due to a stay order from the court, the bank has been unable to act on the pledged shares since 2023.

According to a report, analysts have started questioning the bank’s decision to approve and renew such a large personal loan in 2022 and 2024, despite that fact legal risks were invovled.

If written off, analysts said that the loan could erase JS Bank’s recent quarterly profit of Rs2.7 billion.

Chishti had also filed petitions in Lahore and Islamabad High Courts, pleading to overturn lower court orders that had blocked TRG Pakistan’s board elections. Both high courts had also dismissed his petitions earlier this month, strengthening TRG’s position.