Allegations on CEO potentially affecting share price: TRG

MG News | November 18, 2021 at 10:14 AM GMT+05:00

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November 18, 2021 (MLN): Following the various articles being circulated in electronic media regarding harassment allegations on the CEO of The Resource Group (TRG), the company has said that it is potentially affecting the market price of the company.

Currently, the share price of TRG is trading at Rs111.62 per share, down by Rs9.05 in early trade.

In a notice to PSX, the company understands that the CEO of the company strongly disputes the accusations levelled against him.

“The matter involves the laws and procedures of a foreign jurisdiction and not of Pakistan,” it added.

The company further stated that any material development on the matter regarding accusation levelled against the CEO of the company, the shareholders will be informed accordingly.

Last day, after the news appeared on media about the harassment and assault by a former employee on Mr Zia Chishti, CEO of Afiniti, a subsidiary of TRG, the share price of TRG drastically declined by more than Rs9 in a day.

According to the report by Financial Times, the software house, Afiniti investigated this matter with independent counsel wherein it concluded that the arbitral decision which was referred by the former employee was incorrect while Zia Chishti has strongly refuted all accusations against him.

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