Enforcement Proceedings For Unpaid Arbitration Award also Underway in the United States and Pakistan
WASHINGTON, DC, UNITED STATES, January 26, 2026 /EINPresswire.com/ — TRG International today announced that on January 19, 2026, the Bermuda Supreme Court ordered the transfer of all shares held in the company by former Chairman Zia Chishti to a court-appointed receiver for sale, with proceeds to be applied toward satisfying an outstanding arbitration award.
The order follows enforcement proceedings initiated by TRG International after Mr. Chishti failed to pay a US arbitration award of over $9 million issued on April 22, 2025. The award related to an unlawful pledge of shares in TRG Pakistan Limited for a loan secured from JS Bank. The Bermuda Supreme Court recognized the arbitration award on July 4, 2025, and overruled Mr. Chishti’s objections on October 24, 2025.
TRG International has also pursued enforcement of the arbitration award in the United States and Pakistan against assets in both jurisdictions that include Mr. Chishti’s shares in PSX-listed TRG Pakistan Limited. Both the United States and Pakistan are signatories to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
The U.S. District Court for the Southern District of New York confirmed the award on June 18, 2025. In January 2026, the U.S. court found that Mr. Chishti transferred assets after the award was issued “with the actual intent to defraud TRG-I.” Subsequently, the recipient of those transfers has paid $1.2 million to Mr. Chishti’s creditors.
Proceedings in Pakistan’s Sindh High Court to enforce the award against assets in Pakistan were initiated on May 3, 2025 and were reserved for judgment on November 3, 2025.
About TRG International
TRG International is a global technology holding company focused on incubating and growing technology-enabled services businesses. Its current portfolio of incubated companies support approximately 40,000 employees globally. The company is committed to strong governance practices and the sustainable development of its global portfolio.
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