While litigation surrounding The Resource Group (TRG) has attracted widespread public attention over the past several years, a recent report published by Dawn suggests the more consequential story may be how the company continued creating value while simultaneously navigating one of the most complex governance disputes in Pakistan's corporate sector.
In a statement reproduced by Dawn, TRG co-founders Mohammed Khaishgi and Hasnain Aslam argue that the company's recent history has largely been framed around legal proceedings involving former chief executive Zia Chishti. According to the founders, that focus has overshadowed governance reforms, operational expansion and financial outcomes that have shaped the organisation since 2021.
For investors, the distinction is significant. Corporate governance is often viewed as an abstract boardroom concept until it directly influences shareholder value, client confidence and access to capital. Dawn's report argues that these issues became central to TRG's strategy after 2021, when governance protections were introduced to insulate operating companies from reputational risk associated with the continuing dispute.
According to Dawn, TRG Pakistan Limited (PSX: TRG) remains an important shareholder in TRG International's portfolio, which includes Nasdaq-listed ibex. The co-founders state that portfolio companies now employ nearly 40,000 people globally, including approximately 10,000 employees in Pakistan, while generating around $100 million in annual IT exports.
The report also revisits the investment decisions that shaped TRG's portfolio. Dawn notes that ibex completed a successful Nasdaq IPO in August 2020, while eTelequote was sold in July 2021. Together, the founders argue, these transactions generated more than $500 million in value and produced a tenfold return that pushed TRG Pakistan's stock price to record highs in 2021.
According to the statement reproduced by Dawn, nearly $100 million has been distributed to TRG Pakistan shareholders since December 2021, compared with roughly $15 million during the previous leadership period. The founders attribute that difference to stronger governance, disciplined capital allocation and improved execution across the group's operating businesses.
The report also revisits the events that triggered governance changes. Dawn references the arbitration that issued a final ruling in April 2019 and the subsequent US House Judiciary testimony. It further notes that ibex publicly distanced itself from Chishti, while David Cameron and Admiral Mike Mullen resigned from Afiniti's advisory board before Chishti resigned.
Dawn further reports that the company continued implementing governance safeguards while completing the restructuring of Afiniti's unsustainable debt in 2024. The founders also cite governance protections formalised through a release agreement, reports that Chishti defaulted in early 2025 on a Rs2.59 billion loan, and a US court ruling reported by Business Recorder regarding claims covered by the release agreement.