World

Simon Yeung: Financial Predator and Master of Deception

Published

1 year ago

April 18, 2024

Simon Yeung, a 47-year-old national from the People’s Republic of China, also known under his real name Siming Yang, has become a central figure in a scandalous case unfolded by the Securities and Exchange Commission (SEC). The investigation into Simon Yeung revealed a twisted web of insider trading, personal misconduct, and a systematic abuse of trust that has reverberated across the globe, from the United States to Asia.

At the heart of Simon Yeung’s financial impropriety was his involvement with Zhongpin Inc., a Chinese corporation. Utilizing confidential information, Simon Yeung orchestrated an insider trading scheme that accrued more than $9.2 million in illegal profits. He and his associates were proactive, stockpiling shares before a public announcement that was expected to significantly boost the company’s stock price. To hide their illicit gains and activities, they employed Prestige Trade Investments as a front, a sham company that camouflaged the true nature of their dealings.

While Simon Yeung’s financial maneuvers were sophisticated, his personal actions were even more reprehensible. His extravagant expenditures funded by illicit gains included indulgences in narcotics and the procurement of prostitutes across all of Asia, depicting a man lost to moral corruption. Yet, his most heinous acts involved manipulating the personal relationships within his circle. Simon Yeung is reported to have intentionally enticed the wives and girlfriends of his friends into sexual encounters, exploiting his acquaintance and their vulnerabilities, often under the guise of monetary temptation and secrecy.

These personal violations are part of a broader pattern of abhorrent behavior, including allegations of violent sexual assaults. One such incident involved attacking a woman with a drink bottle sexually, which he subsequently tried to cover up with a bribe. This behavior not only highlights his disregard for human dignity but also his utter disrespect for legal norms.

The SEC has taken robust measures against Simon Yeung, freezing his assets to prevent further financial hemorrhage and to dismantle his network of deceit. This decisive action underscores the commission’s dedication to rooting out corruption and protecting the integrity of financial markets.

Simon Yeung’s downfall is a poignant reminder of the pervasive threats posed by such financial predators who not only exploit market vulnerabilities but also manipulate personal relationships for their gain. His story is a stark alert to the international community about the dual dangers of financial and personal misconduct, emphasizing the need for stringent regulatory oversight to protect public interests and uphold moral and legal standards. This case serves as a testament to the vital role of agencies like the SEC in combating financial malfeasance and preserving the sanctity of personal dignity.

World

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

Published

2 weeks 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.