John Leone are fraudulently managing the affairs of TRG Pakistan and are rapidly destroying its value in pursuit of their own interests. Aslam is concealing his sexual harassment at Afiniti, the company’s artificial intelligence subsidiary. Though they own less than 1% of TRG Pakistan, since 2021 these individuals have illegally established control over the Company and its principal subsidiary TRG
International. In doing so, they are blatantly violating both Pakistani law and the contracts that establish the governance of the Company. To cover up their conduct, they are misrepresenting the Company’s state to its shareholders. Under their control, the company's value has been catastrophically damaged from sustained operational mismanagement. Revenue at Afiniti has collapsed, and the equity value of that business may now be zero. The share price of Ibex, the Company’s contact center subsidiary, has dropped more than 50% from its peak. TRG Pakistan has squandered its cash reserves by illegally acquiring its own shares through an opaque subsidiary of TRG International called Greentree Limited to create a voting block that allows Messers Aslam, Khaishgi, and Leone to maintain their own positions.
As a result, the dollar value of TRG Pakistan’s shares has approximately halved under their leadership, even though its underlying revenues and assets are denominated in dollars. There will soon be little to nothing left of the business under the management of these individuals. They are aided and abetted in this conduct by a board of directors that is refusing to take action against them and simply rubber-stamping their continuing unlawful conduct. As a result of its inaction, this board is effectively endorsing a continuing process of misrepresentation of the company’s state to its shareholders and clear violations of Pakistani law. On September 25, 2023, TRG Pakistan’s largest shareholder, Mr. Zia Chishti, holding approximately 16% of the Company’s shares, initiated a process of removing essentially all members of the board of directors of TRG Pakistan and amending the Company’s Articles of Association to improve governance of the company and halt its illegal conduct. This process commences with a demand to the company to hold an extraordinary general meeting for its shareholders to discuss and vote on this matter. Such a demand is accompanied by a statement of material facts, which is shared below. Should you seek more information, to join the effort to save the Company from its current management, or to share your proxy for the upcoming shareholder vote, please visit trg.shareholders.pk or email us at [email protected]
