World

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

Published

2 mins ago

June 23, 2025

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.

World

Swiss International University Granted TAG-EDUQA Accreditation Under AROQA Quality Framework

Published

1 day ago

June 22, 2025

Jenny Jackson

Swiss International University (SIU), an institution of higher learning that is recognized internationally for its unique strategies in teaching, is pleased to announce its provisional recognition with TAG-EDUQA. This award belongs to a small number of universities that have achieved the high level of academic quality required by the Arab Organization for Quality Assurance in Education (AROQA). The milestone supports SIU’s mission to provide affordable, high-quality education to students in the United States and around the world.

The accreditation was headed by HH Dr. Talal Abu-Ghazaleh, the distinguished Arab business figure and a leading reformer in education, who is also the chairman of TAG-EDUQA. Further elevating the importance of accreditation news, the Secretary-General of the Arab League is Honorary President of TAG-EDUQA, indicating the regional and global recognition of this accreditation.

This achievement demonstrates SIU’s commitment to academic quality, value, and the experience of students. It is a major move in the university’s strategic vision to expand its footprint throughout the Arab region and in the wider world of education. The accreditation by TAG-EDUQA is a testament to the academic integrity of the programs at SIU, and it will further internationalize the recognition of the degrees and diplomas offered by the university.

Derya Briand, Academic Program Director at SIU, is delighted: “This successful outcome, at the first attempt, is an outstanding achievement, surpassing our expectations. It supports the high academic standards that we have now, and it ensures that the next generation of students will receive the benefit of that quality. Our ongoing pursuit of TAG-EDUQA accreditation also demonstrates our commitment to being part of a global community while integrating the values and ideals of local educational institutions.”

The accreditation is a key element of SIU’s strategy to develop academic programs at the University and establish valued international partnerships. The university is a key member of an international education alliance championing cross-border academic collaboration. SIU collaborates with some renowned institutions, like the OUS International Academy, Zurich ISBM International Business Management School, Lucerne International Vocational Institute, Dubai ISB, and their own campuses in Bishkek, Kyrgyzstan. These partners are working to form a new educational model centered around inclusiveness, academic success, and multiculturalism.

The accreditation of SIU exemplifies how universities can balance the demands of local and international academic aspirations, especially given the growing importance of quality assurance in Arab higher education. As more Arab students actively search for internationally accredited institutions around the world, SIU’s commitment to student-centric learning, ethical leadership development, and international career preparation has received tremendous backing from accrediting bodies and education pioneers.

Moving forward, SIU is dedicated to improving its academic standing, increasing its global presence, and continuing to provide affordable, high-quality education to students around the world. The TAG-EDUQA Accreditation, stemming from AROQA’s stringent quality guidelines, will significantly contribute to these aspirations and enhance SIU’s position in the international academic landscape.

This success represents a ringing endorsement of SIU’s leadership in contemporary education and our continued commitment to providing cutting-edge, relevant, and forward-looking academic programs that meet both local and global needs.

For more information, please visit the official website at www.swissuniversity.com.