Monday, December 5, 2022

Considerable turmoil at TRG Pakistan: sources claim


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at

TRGP is currently the largest shareholder in TRGI with its 45% voting power. Other substantial shareholding is held by Pinebridge Investments (Pinebridge), a private equity group, with a 20% stake in TRGI. The remaining shares are held by TRGI management team and other shareholders.

Reliable sources claimed that there is considerable turmoil at TRG Pakistan Limited (TRGP), a leading tech investment company listed on the Pakistan Stock Exchange (PSX) at the behest of certain individuals at The Resource Group International Limited (TRGI).

Last month, TRGP had informed the PSX that its Board of Directors had voted to receive its share of TRGI’s liquid assets (cash and a certain number of shares of Ibex Limited owned by TRGI) through a Special Purpose Vehicle (SPV). The notice also stated that TRGP had requested TRGI “to continue to work towards further maximizing value and capital return of its proceeds for the Company and its shareholders”.

Since then, according to our sources, TRGI management aided by some of its board members have been taking actions that deliberately negatively impacted TRGP while personally benefitting the TRGI management team and other individuals.

It has come to our knowledge, the management of TRGI have yet to process TRGP’s share of the distribution of cash and assets. However, other parties such as the TRGI Management team and Pinebridge have already received their share of the distribution due to them. Our source has added that TRGI management with the support of Pinebridge, have stopped engaging TRGP on any matter since well before the TRGI distribution announcement was taken.

Our source has informed us, that the delay in processing TRGP’s share of the distribution is deliberate and tantamount to money laundering. TRGP as the original and largest shareholder in TRGI is being unfairly treated to facilitate a group of investors based outside of Pakistan.

Based on our findings, TRGI Management consists of a number of individuals led by Mohammad Khan Khaishgi and Hasnain Aslam, both of whom are directors on the boards of both TRGP and TRGI. Mohammed Khaishgi is the Chief Executive Officers of TRGI. Hasnain Aslam is the Chief Executive Officer of TRGP.

Pinebridge is represented at TRGI through two individuals, namely John Leone and Patrick McGinnis, both serve on the TRGP Board of Directors.

It is obvious that there are significant conflict of interest issues at TRGI. By providing a preferential treatment to certain TRGI shareholders the public shareholders of TRGP have been significantly impacted.  It is unclear whether the Securities and Exchange Commission of Pakistan or other bodies in Pakistan will investigate the matter.

It is pertinent to mention here that in November TRGP’s then CEO, Zia Chishti resigned from his position over the allegations of misconduct.

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