TRG wins key US court ruling against Zia Chishti

May 14, 2026 (MLN): The United States District Court for the Southern District of New York (SDNY) issued a ruling on 12 May 2026 in a case originally filed on 1 March 2023.

The court determined that claims asserted by Mr. Zia Chishti against TRG Pakistan Limited (PSX: TRG), its affiliate The Resource Group International Limited (TRG International), and related management are released under a Release Agreement.

The Release Agreement was signed by Mr. Chishti on 10 January 2022, according to the court ruling.

The SDNY, which serves as the court of exclusive jurisdiction selected by Mr. Chishti and the other parties for all claims arising out of the Release Agreement, ruled that claims by Mr. Chishti relating to actions undertaken prior to 10 January 2022 are forever released and cannot be adjudicated in any forum.

Among the claims ruled as released are Mr. Chishti's assertions that the Company and its affiliates oppressed him in his capacity as a shareholder, the company's filing on PSX revealed today.

The ruling is relevant to a number of proceedings initiated by Mr. Chishti, including a related JAMS arbitration in New York and a shareholder oppression petition (JCM 12 of 2025) filed in the Sindh High Court.

The Release Agreement was executed at the time Mr. Chishti received over US$60 million from TRG International in connection with a redemption transaction in 2022.

The Company will review its legal options in light of this development.

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