Bermuda transcript shows Chishti banked on early supreme court ruling in Pakistan TRG dispute

Pakistan’s Supreme Court has yet to indicate when it will rule in the closely watched TRG dispute, despite claims by former TRG chief executive Ziaullah Khan Chishti in a foreign court last month that the matter would be resolved in his favour in early December.

Chishti’s comments are contained in the official transcript of a 25 November 2025 hearing at the Supreme Court of Bermuda in the matter of Afiniti Ltd. The proceedings were held before Justice Andrew Martin and involved VCP Capital Markets, one of Chishti’s creditors, against Chishti and his wife, Sarah Pobereskin.

The transcript, excerpts of which were later filed by TRG in proceedings before the Supreme Court of Pakistan and published by The Nation, records Chishti’s sworn testimony on his financial position and his expectations from the Pakistani courts.

During the hearing, Chishti told Justice Martin that he anticipated a short order from Pakistan’s Supreme Court in the first week of December, followed by a detailed judgment at a later stage. He said he expected the short order to uphold the judgment of the Sindh High Court.

“This entire matter gets resolved in the Pakistani Supreme Court in the first week of December,” Chishti told the Bermuda court.

In a separate exchange, he said that a favourable ruling would lead to elections being called at TRG Pakistan and would mark the point at which control of the company would shift. Referring to the week of 8 December, he described that period as pivotal to the takeover fight.

Pakistan’s apex court, however, continues to hear arguments in the case and has not publicly signalled any timeline for issuing its decision.

The Bermuda transcript also records Chishti telling the court that he was currently insolvent. He said this would change once he regained control of TRG Pakistan and TRG International, adding that he would then be able to repay VCP Capital Markets and that the roughly nine million dollars being pursued by creditors would become a non issue.

Chishti did not explain how regaining control of TRG Pakistan would enable him to settle his personal liabilities.

Court records cited by The Nation show that in 2022 Chishti received more than 60 million dollars in cash and shares of Nasdaq listed Ibex Limited from TRG International through a partial sale of his stake. A Bermuda court order issued in September 2025 traced how most of those assets were later transferred to his spouse and used to acquire shares in TRG Pakistan as part of a takeover attempt, and to fund a business competing with TRG portfolio company Afiniti.

Separately, legal proceedings in Pakistan have seen a recent development. An appellate court in Sindh has temporarily suspended a civil court order in the dispute between TRG Pakistan Limited and Jahangir Siddiqui and Company Limited, granting interim relief to TRG Pakistan after its lawsuit against JSCL was dismissed by a civil court.

In that 2022 suit, TRG Pakistan alleged that JSCL and Chishti were acting in concert and had violated Pakistani takeover regulations by exceeding the 30 percent shareholding threshold without making a mandatory public offer.