A United States federal court has directed former TRG Pakistan CEO Zia Chishti to satisfy the outstanding balance of a $9.1 million arbitration award issued in 2025, in a matter linked to contractual disputes over company shares.
The order, issued by the US District Court for the Southern District of New York, forms part of enforcement proceedings connected to an earlier arbitration decision involving TRGI. According to the court's directions, the remaining amount may be recovered through the surrender of assets, including a possible transfer of TRG Pakistan shares associated with Chishti's spouse.
The proceedings stem from findings related to the pledging and handling of company shares. The court reviewed financial transfers amounting to approximately $9.8 million made to Chishti's spouse and noted concerns that the transactions may have been arranged in a manner that could obstruct or delay creditors.
The court also referred to creditor claims involving TRGI as well as the US Internal Revenue Service, which was stated to be owed around $10 million in unpaid taxes.
In its observations, the court cited previous findings regarding Chishti's credibility, noting that his testimony had repeatedly been questioned across judicial and arbitral proceedings. The order referred to earlier remarks describing parts of his testimony as lacking complete candor and being adjusted to suit his legal position.
The judge further noted that inconsistencies and alleged misstatements across multiple proceedings supported a finding of actual intent to hinder, delay, or defraud creditors.
Under the enforcement order, Chishti has been directed to turn over assets within 30 days, up to the remaining value of the arbitration award. The court also allowed compliance through arrangements involving shares connected to TRG Pakistan holdings.