A US federal court has moved forward with enforcement of a multimillion-dollar arbitration award against former TRG Pakistan CEO Zia Chishti, directing him to surrender assets to cover the remaining amount owed to TRGI.
The order was issued by the US District Court for the Southern District of New York and relates to a $9.1 million arbitration award handed down in 2025. The underlying dispute involved contractual breaches connected to the pledging and handling of shares.
As part of the enforcement process, the court said the outstanding balance may be satisfied through available assets, including a possible transfer of TRG Pakistan shares held by Chishti’s spouse. The order requires assets to be turned over within 30 days, up to the remaining value of the award.
The court also examined financial transfers of about $9.8 million made to Chishti’s spouse. In its observations, the court raised concerns that the movement of funds may have been structured in a way that could hinder or delay creditors seeking recovery.
The proceedings also referenced the US Internal Revenue Service, which was stated to have a claim of roughly $10 million in unpaid taxes.
Beyond the asset recovery issue, the court addressed Chishti’s credibility, citing earlier judicial and arbitral findings. It referred to previous remarks that described much of his testimony as lacking complete candor and noted that his representations had, at times, appeared to shift according to the needs of his defense.
The judge said the repeated inconsistencies and alleged misstatements across several proceedings were material and cumulative. These findings, the court noted, supported a conclusion that there had been actual intent to hinder, delay, or defraud creditors.
The order places renewed legal pressure on Chishti and opens the door for TRG Pakistan-linked shares to be considered in satisfying the arbitration award.
