A US court has ordered former TRG Pakistan CEO Zia Chishti to turn over assets to satisfy the remaining balance of a $9.1 million arbitration award, while also pointing to repeated credibility concerns raised in earlier proceedings.
The directive was issued by the US District Court for the Southern District of New York in enforcement proceedings linked to a 2025 arbitration award in favor of TRGI. The arbitration matter involved contractual violations related to the pledging and handling of company shares.
According to the order, Chishti must satisfy the unpaid portion of the award within 30 days. The court also allowed the possibility that the obligation may be met through arrangements involving TRG Pakistan shares held by his spouse.
In reviewing the case, the court considered financial transfers of approximately $9.8 million made to Chishti’s spouse. It noted concerns that these transfers may have been designed or structured in a way that could interfere with creditors’ ability to recover amounts owed.
The court referred not only to TRGI’s recovery efforts but also to the US Internal Revenue Service, which was stated to be owed around $10 million in unpaid taxes.
A significant part of the court’s observations focused on Chishti’s past testimony and filings. The judge cited earlier findings that described his testimony as frequently lacking complete candor and noted that his representations had been characterized as shifting to fit the facts as they developed.
The court said the volume of inconsistencies and alleged misstatements across proceedings was substantial enough to be treated as cumulative. It added that these factors supported a finding of actual intent to hinder, delay, or defraud creditors.
The enforcement order now requires asset turnover up to the remaining value of the arbitration award, potentially bringing shares linked to TRG Pakistan into the recovery process.
