The U.S. District Court for the Southern District of New York has ordered former TRG Pakistan CEO Zia Chishti to settle the outstanding balance of a $9.1 million arbitration award issued in 2025, either through direct payment or, if chosen, via transfer of TRG Pakistan shares held by his spouse.
The order forms part of enforcement proceedings arising from the earlier arbitration, which found that Chishti had violated contractual obligations related to the pledging and handling of company shares.
The court also reviewed financial transfers of around $9.8 million made to his spouse, observing that these transactions raised concerns of potentially obstructing or delaying creditors, including TRGI and the U.S. Internal Revenue Service, which is owed approximately $10 million in unpaid taxes.
In a strongly worded assessment, the court reiterated earlier findings questioning Chishti’s credibility, stating that his testimony was “frequently lacking in complete candor” and referencing prior judicial and arbitral remarks describing his accounts as “tailored to meet the needs of his own defense” and “re-molded to fit the facts.” The court noted that the repeated inconsistencies and misstatements across multiple proceedings supported a finding of intent to hinder, delay, or defraud creditors.
It further highlighted that the record contained numerous material inconsistencies over an extended period, with prior proceedings describing the volume of alleged misstatements as “cumulative.”
The court ordered that assets be turned over within 30 days, up to the remaining value of the award, while also permitting compliance through a possible transfer of TRG Pakistan shares as an alternative settlement mechanism.
