Ziaullah Khan Chishti, former CEO of TRG and AI firm Afiniti, told the Supreme Court of Bermuda last month that he expected the Supreme Court of Pakistan to rule in his favour in early December in his takeover fight with the company, a decision he said would allow him to regain control of TRG Pakistan and TRG International. However, Pakistan’s apex court continues to hear arguments and has not indicated any timeline for a decision. Meanwhile the tech entrepreneur is facing intensified legal pressures in the United States and Bermuda over unpaid taxes, mounting liabilities and asset transfers. The document from the Supreme Court of Bermuda is titled the “Transcript of Official Court Recording of Hearing on 25 November 2025” in the matter of Afiniti Ltd, between VCP Capital Markets, one of his creditors, and Zia Chishti, along with his wife Sarah Pobereskin, before Justice Andrew Martin. Excerpts of the transcript, that were later filed by TRG as part of the Pakistani Supreme Court proceedings, were published in The Nation and contain Chishti’s sworn testimony regarding his assets after defaulting on court-mandated financial obligations. Appellate court temporarily suspends civil court order in TRG-JSCL dispute “This entire matter gets resolved in the Pakistani Supreme Court in the first week of December,” Chishti asserted. Chishti told Justice Andrew Martin that he anticipated a brief ruling followed by a detailed judgment. “We anticipate a short order from the Supreme Court after that, detailed order to follow. The short order that I anticipate will be that it upholds the judgment of the Sindh High Court,” said Chishti. In another exchange with Justice Martin, Chishti said: “Presuming that I’m right, and sometime on the week of the 8th (of December), the Pakistan Supreme Court rules in my favor, thereafter, it’s somewhere in that period that the elections for TRG-P will be called.”  He added,  “that’s the pivotal moment in which control in that organization shifts.” According to The Nation , it is unclear whether the Supreme Court of Pakistan has taken note of Chishti’s prognostications. Claims of insolvency Chishti also told Justice Martin, in a nod towards his tightening financial situation: “I’m, at present, insolvent anyway.” However, he indicated that this situation would change once he takes over TRG Pakistan, stating that “I’ll be able to pay VCP shortly thereafter. I will take control of TRGP [TRG Pakistan] and TRGI [TRG International], so the nine million they’re chasing around will become moot. All of that will happen very quickly in the first week of December.” Chishti did not mention how he expects to translate control of TRGP into repayment of his personal liabilities. According to The Nation , Chishti’s claim of insolvency contrasts with court records showing that in 2022, Mr. Chishti received over $60m in cash and shares of Nasdaq-listed Ibex Limited from TRG International (TRGI) through a partial sale of his stake to the company.   A recent Bermuda court order in September 2025 has traced how most of those assets were transferred to Chishti’s spouse and used for purchasing shares in TRGP as part of a takeover attempt, and also used to fund a business competing with TRG’s portfolio company Afiniti. Chishti told Business Recorder he denies “any and all adverse inferences against me”. Recent legal developments Days ago, an appellate court in Sindh temporarily suspended an earlier civil court order in a high-profile legal battle between TRG Pakistan Limited and Jahangir Siddiqui & Co. Ltd. (JSCL), granting interim relief to TRGP after its lawsuit against JSCL was dismissed by the civil court. TRGP’s had alleged in its 2022 lawsuit that JSCL and Chishti were acting in concert and had collectively violated Pakistani takeover law by exceeding the 30% statutory threshold that required a public offer for any further share purchases. The TRG saga TRG Pakistan Limited was incorporated in Pakistan as a public limited company in 2002. The company obtained a license from the Securities and Exchange Commission of Pakistan (SECP) to perform as a non-banking finance company and undertake venture capital investments. The company has been engaged in investments, particularly in technology and IT-enabled services through its associate, The Resource Group International Limited (TRGIL). In November 2021, a former female employee of Afiniti, a TRGIL portfolio company, testified in a US Congressional hearing that she had won an arbitration award against Chishti, the then CEO and Chairman of Afiniti. The arbitration award, which was subsequently made public by the US Congress, found Chishti liable for sexual harassment, assault, and battery of the female employee. Within days of this Congressional testimony, Afiniti announced that Chishti had stepped down from his role as chairman, CEO, and director of Afiniti, effective immediately. In the same month, Chishti also resigned from all his positions at TRG. Since 2022, Chishti has been engaged in an effort to gain control of PSX-listed TRG Pakistan Limited, culminating in the current Supreme Court of Pakistan proceedings.