World

More People in Dubai are Focusing on Renting a Car than Buying a New One: Survey

Published

5 years ago

March 4, 2020

A Dubai based survey has highlighted that a lot of people in Dubai have been focusing on renting care than purchasing a new one to meet their occasional traveling needs. The availability of plenty of car rental services has made it possible for Dubai-based people to utilize these services more frequently. There are plenty of reasons that have been boosting the demand for car rental services in Dubai.

It has been observed that people prefer to rent a car with driver in Dubai in order to enjoy their drive in an effective manner. For people living in a big city, it becomes possible to chose public transportation in order to travel from one place to another. In the survey, a lot of people have highlighted that public transportation offers more efficiency than driving one’s own car in high traffic.

Another group of people expressed that if they rent a luxury car in Dubai, it not just helps them in saving their fuel but also impacts the environment in a positive manner. In addition to this, it also gives them a number of options in choosing their favorite car for traveling. A lot of people prefer to rent a car with driver in Dubai in order to cover their distance in a significant manner.

It has also been found that a lot of people simply want to enjoy the comfort of traveling rather than driving one’s own car for a long distance. This simply saves them from a hassle of driving for a long distance. And it makes it possible for everyone to enjoy a highly comfortable journey in an easy manner. The survey has highlighted that people who travel in groups on a long journey mostly prefer renting a car in Dubai as it is a convenient way for them to introduce themselves to different new locations.

Especially, the youngsters who travel in groups can simply enhance their traveling experience by renting a car instead of thinking to buy a new one. This not just sounds an economical option for traveling but it also makes it possible for everyone to take part in activities without worrying about driving for a long distance while going on a trip. And also the old age people who couldn’t drive safely are choosing car rental services in Dubai in order to complete their journey in an enjoyable fashion.

As everyone is living a busy lifestyle in today’s time, people often find it convenient to hire a driver along with renting a car in order to cover a long distance in an easy manner. Moreover, buying a new vehicle doesn’t seem a feasible option for every person and hence it leaves people only with rental car services to travel on their vacations.

Many mobile applications have been launched in order to introduce different car rental services to people. And the use of such car rental mobile applications has simply made it possible for everyone to rent a car easily in order to commute for a long or a short distance.

World

TRG Chairman Khaishgi and CEO Aslam implicated in $150 million fraud

Published

1 week ago

June 23, 2025

Jenny Jackson

In a scathing 52-page decision, the Sindh High Court has found that TRG Pakistan’s management was acting fraudulently and that Bermuda-based Greentree Holdings historic and prospective purchase of TRG shares were illegal, fraudulent and oppressive.

The Sindh High Court has further directed TRGP to immediately hold board elections that have been overdue and illegally withheld by the existing board since January 14, 2025.

In the landmark ruling, the Sindh High Court has blocked the attempted takeover of TRG Pakistan Limited by Greentree Holdings, declaring that the shares acquired by Greentree, nearly 30% of TRG’s stock, were unlawfully financed using TRG’s funds in violation of Section 86(2) of the Companies Act 2017.

“Having concluded that the affairs of TRGP are being conducted in an unlawful and fraudulent manner and in a manner oppressive to members such as the Petitioner (Zia Chishti), the case falls for corrective orders under sub-section (2) of section 286 of the Companies Act,” Justice Adnan Iqbal Chaudhry concluded.

The case was brought by TRGP former CEO and founder Pakistani-American technology entrepreneur Zia Chishti against TRG Pakistan, its associate TRG International and TRG International’s wholly-owned shell company Greentree Limited. In addition, the case named AKD Securities for managing Greentree’s illegal tender offer as well as various regulators requiring that they act to perform their regulatory duties.

The case centred around the dispute that shell company Greentree Limited was fraudulently using TRG Pakistan’s own funds to purchase TRG Pakistan’s shares in order to give control to Zia Chishti’s former partners Mohammed Khaishgi, Hasnain Aslam and Pinebridge Investments.

According to the case facts, the Chairman of TRG Pakistan Mohammed Khaishgi and the CEO of TRG Pakistan Hasnain Aslam masterminded the $150 million fraud. They did so together with Hong Kong based fund manager Pinebridge who has two nominees on TRG Pakistan’s board, Mr. John Leone and Mr. Patrick McGinnis.

According to the court papers, Khaishgi, Aslam, Leone, and McGinnis set up a shell company called Greentree which they secretly controlled and from which they started buying up shares of TRG Pakistan. The fraud was that Greentree was using TRG Pakistan’s funds itself. The idea was to give Khaishgi, Aslam, Leone, and McGinnis control over TRG Pakistan even though they owned less than 1% of the company, lawyers of the petitioner told the court.

This was all part of a broader battle for control over TRG Pakistan that is raging between Khaishgi, Aslam, Leone, and McGinnis on one side and TRG Pakistan founder Zia Chishti on the other side. Zia Chishti has been trying to retake control of TRG Pakistan after he was forced to resign in 2021 based on sexual misconduct allegations made by a former employee of his. This year those allegations were shown to be without basis in litigation that Chishti launched in the United Kingdom against The Telegraph newspaper which had printed the allegations. The Telegraph was forced to apologize for 13 separate articles it published about Chishti and paid him damages and legal costs.

After Chishti resigned in 2021, Khaishgi, Aslam, Leone, and McGinnis moved to take total control over TRG Pakistan and its various subsidiaries including TRG International and to block out Chishti. The Sindh High Court’s ruling today has reversed that effort, ruling the scheme fraudulent, illegal, and oppressive.

It now appears that Zia Chishti will take control of TRG Pakistan in short order when elections are called. He and his family are now the largest shareholders with over 30% interest. He is closely followed by companies related to Jahangir Siddiqui & Company which have over a 20% interest. The result appears to be a complete vindication for Zia Chishti and damning for his rivals Aslam, Khaishgi, Leone, and McGinnis who have been ruled to have been conducting a fraud.

TRG Pakistan’s share price declined by over 8% on the news on heavy volume. Market experts say that this was because the tender offer at Rs 75 was gone and that now shares would trade closer to their natural value. Presently the shares are trading at Rs 59 per share.

According to the court ruling, since 2021, shell company Greentree had purchased approximately 30% of TRG shares using $80 million of TRG’s own money, which means that that the directors of TRG Pakistan allowed company assets to be funneled through offshore affiliates TRG International and Greentree for acquiring TRG’s shares – a move deemed both fraudulent and oppressive to minority shareholders. The Sindh High Court also found illegal Greentree’s further attempt to purchase another 35% of TRG shares using another $70 million of TRG’s money in a tender offer.

The ruling is a major victory for the tech entrepreneur Zia Chishti against his former partners and the legal ruling paves the way for him to take control of TRG in a few weeks.