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Richard Heistand Talks 2019, 2020 with GRT Grasser, and Le Mans

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Third year sports car driver Richard Heistand is realizing a childhood dream in racing in the world’s longest sports car races.

It’s been one hell-of-a-ride from car-crazed youngster to Le Mans hopeful, but Heistand’s track record proves he has earned his stripes the hard way.

Heistand has been racing professionally since 2005, but after a decade away from the sport, he returned to the track in 2018; it’s safe to say he has finally entered his racing prime.

His return to motorsport began in 2018 by competing in the Porsche Mobil 1 Supercup, which is the toughest one-make series in the world.  Heistand put in strong performance after strong performance in the globe-trotting series that accompanies Formula 1.

In 2019, Richard raced for Aim Vasser Sullivan in the Lexus RC F GT3 in the IMSA Weathertech SportsCar Championship.  He was tasked with representing Lexus in their only motorsport and marketing program in North America. And represent he did, Heistand was behind the wheel for two series victories at Detroit and Mid Ohio with co-driver Jack Hawksworth.

“2019 was an amazing year for me.  It was nice to take the skills I developed in Europe and apply them in the premier sports car racing championship in IMSA.  It was rewarding to be able to capture a pole position and race wins in my rookie season against experienced, silver rated professional drivers,” said Heistand.

Heistand now races for GRT Grasser Racing/Lamborghini in the IMSA Weathertech SportsCar Championship.  The factory-supported effort features Lamborghini factory drivers and is expected to contend for the win any time that it hits the track. The blue-ribbon races in that championship consist of the Rolex 24 Hours of Daytona and two of the most renowned motor-sport races in the world, the 12 Hours of Sebring and Petit Le Mans. The races are broadcast live on NBC and NBCSN.

“We had an unlucky Rolex 24, but I know the GRT Grasser Racing Team will come back strong.  I am happy to be with them in 2020 and know that we will be in the hunt at Sebring.  The attention to detail shows why they win the biggest races.”

Yet it was the IMSA Weather-Tech Sportscar Championship competitor’s auto-invite into the 2020 edition of the 24 Hours Le Mans, which is mounting to be his largest challenge.

Heistand explained, “I earned an auto-invite into Le Mans because I was the top bronze-rated driver in last season’s GT Daytona Class. I’ve accepted the entry, and I’m part of a team that won’t settle for anything less than an all-out win. Races like Le Mans is why I became a professional racing driver in the first place, and I can’t wait for the green flag and the action to begin.”

Jenny is one of the oldest contributors of Bigtime Daily with a unique perspective of the world events. She aims to empower the readers with delivery of apt factual analysis of various news pieces from around the World.

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World

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

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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.

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