Zia Chishti 'resigns as CEO, director at TRG Pakistan'

Zia Chishti has resigned from his role as Chief Executive Officer (CEO) and a Director of TRG Pakistan Limited, with immediate effect, said the company on Monday.

TRG Pakistan disclosed the development in its filing to the Pakistan Stock Exchange (PSX).

“We have to inform you that Muhammad Ziaullah Khan Chishti has resigned as the Chief Executive Officer and a Director of TRG Pakistan Limited, with immediate effect.

“Chishti has also resigned from his positions at The Resource Group (TRG) International Limited, effective immediately,” read the filing, adding that the board will make additional organisational announcements in the coming days.

Read: TRG Pakistan's share price plummets amid allegations on CEO

The announcement follows that of Afiniti Ltd, a US company that still accounts for 57% of TRG Pakistan’s value, that said Chishti has stepped down from his role as chairman, Chief Executive Officer, and director of Afiniti, effective immediately.

Afiniti announces Zia Chishti has stepped down as chairman, CEO

The developments come after Tatiana Spottiswoode, a 23-year-old former employee of Afiniti, detailed a string of allegations against the chief executive to members of Congress in the US on November 16.

Chishti denies the allegations.

Tatiana Spottiswoode accused him of sexual assault during testimony to a hearing into how forced arbitration clauses signed with companies have been used to prevent survivors of sexual harassment and sexual violence from pursuing cases through the courts.

Last week, the Board of Directors of Afiniti Ltd named Larry Babbio as Chair of the Board of Afiniti, effective immediately.

Afiniti appoints Babbio as chair, forms committee to investigate charges against Chishti

Afiniti also announced the formation of a Special Committee of the Board to investigate issues surrounding the conduct of its former CEO and Chair.