According to a report published by Dawn, TRG’s co-founders argue that the company’s recent history should be measured not only by its legal disputes but also by its governance reforms, business performance and long-term value creation for shareholders.
For several years, public attention surrounding The Resource Group (TRG) has largely centred on legal proceedings involving former chief executive and co-founder Zia Chishti. However, a recent report published by Dawn presents a broader perspective, highlighting the company’s operational achievements, governance reforms and financial performance over the past four years while documenting the legal developments that have shaped its recent history.
According to the report, TRG co-founders Mohammed Khaishgi and Hasnain Aslam believe the company’s progress has been overshadowed by litigation despite significant milestones achieved across its global portfolio. They argue that investors should also consider business fundamentals including employment growth, export earnings and shareholder returns.
Dawn notes that TRG Pakistan Limited (PSX: TRG) remains a key shareholder in TRG International’s global portfolio led by Nasdaq-listed ibex. The co-founders state that the portfolio employs nearly 40,000 people globally, including more than 10,000 employees in Pakistan, while generating approximately $100 million in annual IT services exports.
The publication further highlights the company’s historical growth strategy. According to Dawn, investments enabled ibex to complete a successful Nasdaq IPO in August 2020, while eTelequote was sold in July 2021. The co-founders contend these transactions generated more than $500 million in value and a tenfold return that pushed TRG Pakistan’s stock price to record highs in 2021.
Dawn also reports that nearly $100 million has been remitted to TRG Pakistan shareholders since December 2021, compared with roughly $15 million during the previous leadership period. The co-founders present these figures as evidence that governance reforms introduced after 2021 have translated into measurable value for investors.
The report revisits the events that reshaped the company in 2021. Dawn references the arbitration that issued a final ruling in April 2019, including a damages award, and notes that former Afiniti employee Tatiana Spottiswoode testified before the US House Judiciary Committee. Dawn further notes that ibex publicly distanced itself from Chishti while David Cameron and Admiral Mike Mullen resigned from Afiniti’s advisory board before Chishti resigned.
According to Dawn, the company subsequently implemented governance safeguards while continuing to strengthen its operating businesses. The report highlights the restructuring of Afiniti’s unsustainable debt in 2024, the defence against a takeover battle, and governance protections reinforced through a release agreement. Dawn also references reports that he defaulted in early 2025 on a Rs2.59 billion loan and cites a US court ruling reported by Business Recorder concerning the release agreement.
