The Board of Directors of Afiniti Ltd has announced that Zia Chishti has stepped down from his role as chairman, Chief Executive Officer, and director of Afiniti, effective immediately.

The Board said it will make additional organisational announcements in the coming days.

On Tuesday, a 23-year-old former employee of Afiniti – a US company that still accounts for 57% of TRG Pakistan’s value and is also founded by Chishti – detailed a string of allegations against the chief executive to members of Congress in the US, according to The New York Times.

TRG Pakistan's share price plummets amid allegations on CEO

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.

Chishti denies the accusations.