TRG refutes former CEO’s misleading, false allegations

October 12, 2023 (MLN): TRG Pakistan Limited (PSX: TRG) has issued a serious response to what it describes as yet another malicious media campaign, aimed at perpetuating misleading, false, and defamatory assertions made by the company's former CEO, Zia Chishti, in paid advertisements in the press.

As per a notice issued by TRG on the PSX, some of these articles are also circulating on multiple online media platforms and are verbatim copies of each other, effectively making these advertisements, albeit in a different form

TRG believes that this campaign is part of a continuing malicious and mala fide effort by Chishti, along with his associates and persons acting in concert with him, to discredit the company’s current management and certain directors, assert influence, and attempt to illegally take over control of the company.

As a reminder, Chishti resigned in November 2021, after a sworn public testimony in the U.S. Congress by a former employee of Afiniti, disclosing that Chishti was found liable in a U.S. arbitration for sexual harassment and assault.

The company remains committed to protecting its public shareholders and other stakeholders, and ensuring its former CEO does not cause damage to its assets by unlawfully taking control of the company or even asserting influence or association with the company, which the company believes will be damaging to the value of its underlying assets.

TRG in its notice also alerted its public shareholders and other stakeholders to only place reliance upon information disseminated by the company through official channels.

The company has urged its public shareholders and other stakeholders to not be influenced by the continued malicious and mala fide smear campaign being run against the company, its management, and certain directors by its former CEO, his associates, and other persons acting in concert with him.

To note, the scrip price of TRG had been trading around 7% lower in today's session prior to this notice.

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