World

Turkish Firm Shows Ambition in the Global Market with a “Safety-Focused Approach” in Renewable Energy

Published

2 years ago

October 17, 2023

In a world increasingly valuing energy investments, renewables eclipse fossil fuels. A recent report by energy research institute, Ember highlights record-breaking wind and solar energy in 2022, signaling the decline of fossil fuels. In this era emphasizing renewable energy, ensuring secure energy control and distribution is crucial. Experts affirm that companies investing here will impact, highlighting the significant strides of Turkish energy giant, XKoren Electric.

XKoren Electric is a rising name, focusing on low-voltage protection and control devices for secure renewable energy. With a mission for a carbon-neutral world through widespread electricity use, it’s rapidly advancing globally with a strong portfolio and broad sales network in Turkey.

WIND AND SOLAR ENERGY BROKE RECORDS IN 2022, MARKING THE DECLINE OF THE FOSSIL FUEL ERA!

Energy, a critical global sector, is indispensable for daily life and economic productivity. Efforts to shift from fossil fuels to renewables intensify worldwide, aiming to combat climate change by reducing carbon emissions and global warming. The United Nations annually hosts the ‘Climate Change Conference,’ where crucial decisions on reducing fossil fuel usage are made. The latest, COP27, held in Egypt with representatives from 194 nations, saw pivotal resolutions for curbing global warming and greenhouse gas emissions, signaling positive global progress.

The recent Ember report reveals compelling data. Wind and solar energy made significant strides, increasing their contribution to global electricity production from 10% in 2021 to 12% in 2022, setting new records. Projections in the report indicate that from 2023 onwards, wind and solar energy will drive a transformative era, witnessing a decline in fossil fuel production and subsequent reduction in energy sector emissions. The report confidently marks the initiation of the decline of the fossil fuel era. Lead author Małgorzata Wiatros Motyka stated, ‘These 10 years, critical for climate action, mark the beginning of the end of the fossil era. We are now entering the era of clean energy.’ Many researchers agree that 2022 signifies the start of the end for fossil fuels.

The global focus on renewable energy investments is growing, with countries offering substantial incentives. Secure energy control and distribution are crucial in this renewable era. Turkish company XKoren Electric made a bold entry into the global race with a 50 million euro investment, following its successful acquisition of a renowned Korean energy company, already attracting attention in the market.

XKOREN ELECTRIC’S IMPRESSIVE VISION THAT GRABS ATTENTION!

Driven by the mission of achieving a ‘carbon-neutral world through widespread electricity usage,’ XKoren Electric swiftly advances to a global role by embracing industry trends. Hasan Kaytan, XKoren Electric’s CEO, boasting a robust portfolio and extensive sales network in Turkey, emphasizes, ‘The world is amid an energy transformation era. The prevalent use of electric energy underscores the need to align energy with nature. XKoren’s mission primarily focuses on mitigating climate change impacts by promoting extensive electricity usage for a carbon-neutral world and ensuring sustainable energy provision

Amidst Turkey’s economic challenges, a company’s strategic acquisition in the energy sector gains significant attention, aiming for global recognition within the country. This undertaking indeed represents a tale of triumph. CEO Hasan Kaytan, from a modest family, began his entrepreneurial journey at a young age. Swiftly making his mark, he emerged as one of Turkey’s notable business leaders, particularly excelling as a CEO under the age of 40. Leading his founded firm into Turkey’s top 500 companies, Kaytan aims to sustain and expand this success globally through significant investments.

Originally from South Korea, XKoren Electric offers comprehensive solutions for industry needs with its low-voltage protection and control products. Now a 100% Turkish brand, XKoren Electric is gaining global recognition, receiving collaborative project proposals worldwide. Positioned as a leading global brand from Turkey, XKoren Electric is gearing up to establish offices in 14 countries across Europe, Central Asia, Africa, and the Middle East.

Hasan Kaytan, XKoren Electric’s CEO, expresses, ‘Our vision extends beyond leading the global switchgear sector. We strive to be an esteemed electricity energy company on a global stage, envisioning our success like a captivating film at the world summit, where the radiance of an electric firefly brightens the darkest night from all directions.

THE NEW STANDARD OF SECURITY IN RENEWABLE ENERGY: XKOREN

XKoren Electric aims for global leadership, innovating low-voltage protection and control devices for secure renewable energy distribution. Crafting protective solutions for diverse electric energy applications, the company operates solely with 100% Turkish capital

XKoren Electric will continue to focus on smart switchgear products with new R&D and P&D studies. The company carefully integrates global innovative technologies into its products, ensuring their effective implementation. XKoren Electric is taking confident steps towards becoming a global energy company with its mottos “In Every Place Where Electricity Is Present’’ and “Complete Solution for Industry,” backed by the latest technological equipment and investments in qualified personnel.

XKOREN’s Gift to Turkey for Its 100th Anniversary!

XKoren Electric is preparing for a grand ceremony in a dazzling smart factory equipped with state-of-the-art devices in Istanbul. The Republic of Turkey is celebrating its 100th Foundation Anniversary in 2023, and events are being organized nationwide for the celebrations. XKoren Energy becoming a new Turkish brand is considered one of the finest gifts to the country for the 100th Anniversary of the Republic.

XKoren Electric’s headquarters, a LEED-certified smart building, boasts an A Plus level EKB energy efficiency certification. This new facility embraces self-sustenance through renewable energy and recycling. Fueled by Industry 4.0 technology, XKoren Electric maintains a strong competitive edge. The CPS-based factory seamlessly integrates artificial intelligence, layered production, and IIoT systems.

World

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

Published

6 days 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.