SHC suspends warrants against TRG directors, says firm.

KARACHI -- The Sindh High Court (SHC) has suspended bailable warrants against the board of directors of The Resource Group International Limited (TRG) in a defamation suit filed by former CEO Zia Chishti, the company said on Friday.

Last week, a district and sessions judge in Karachi had ordered the issuance of bailable warrants for various individuals associated with the TRG.

In today's statement filed with the Pakistan Stock Exchange (PSX), the firm said Chishti departed TRG in November 2021 after an ex-employee of Afiniti (a TRG portfolio company) testified in a US Congressional hearing of an arbitration award against him for sexual harassment and assault.

In December 2022, the US Congress released the full text of the award, which includes payment of damages of $5 million to the ex-employee, and findings of non-consensual assault and 'battery' during a sexual encounter and infliction of emotional distress. According to market sources, since his departure in late 2021, Chishti attempted repeatedly and unsuccessfully to come back into TRG, with company management thwarting those attempts as the severity of his actions and reputation do not allow for any association with TRG, the statement added.

'Those sources have mentioned that Mr Chishti is now engaging in vengeful actions, including creating...