LAHORE: Share price of The Resource Group (TRG) Pakistan rallied 9.78 per cent on the Pakistan Stock Exchange (PSX) on Wednesday as the news of sexual harassment allegations against company CEO Zia Chishty triggered panic selling.
Chishty, a Pakistani-American, was accused of sexual harassment and assault by a former employee of data and software company Afiniti, of which he is the CEO and chairman of the board. Afiniti, which also has on its board former UK prime minister David Cameron and Princess Beatrice, a member of the British royal family, is owned by TRG International which is owned by TRG Pakistan.
Late on Wednesday, Cameron resigned from his position as the chairman of the advisory board of Afiniti. On the other hand, Afiniti in a statement denied allegations against the CEO and said: “We take any allegations of this nature extremely seriously. Afiniti has investigated Ms Spottiswoode’s claims with independent counsel and concluded that the arbitral decision she references was erroneous. Afiniti’s CEO and chair Zia Chishti strongly disputes all accusations against him.”
Wednesday’s rally pushed the share price of TRG to Rs125.67 from Rs130.5, with 15.9 million shares traded during the day as the assault news triggered panic selling, market sources tell us. The company had maintained a bull-run since March last year, with the share price of the company soaring from Rs11.88 on March 26, 2021 to a peak of Rs181 this year in April.
“There is a negative sentiment in...
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