Chairman of TRG Waleed Tariq Saigol tenders his resignation

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Waleed Tariq Saigol

Staff Reporter

KARACHI: TRG Chairman Waleed Tariq Saigol of Saigol Group and Director Khaldoon Bin Latif of Faysal Funds has tendered his resignation from the post Thursday because TRG’s alleged involvement in serious violation of Pakistan’s central Bank, Security Exchange Commission of Pakistan and Stock Exchange making total Board of Director from 10 Directors to 9.
Earlier Ali Jamil from TPL Trakker tendered her resignation from his post as director when company was allegedly involved in misuse of Pakistani foreign exchange of $120 million at Pinebridge investment to offshore company in Bermuda, one of the director Asad Nasir from JS group made complaint to Securities and Exchange Commission of Pakistan regarding such illegal activities.
Mohammedulla Khan Khaishgi has been appointed as Chairman of TRG in replacement of ceased Chairman and Director. Khaishgi is mentioned in complaint made to SECP as a facilitator of misuse of $120 million Pakistani foreign exchange to Pinebridge. The Saigol Group, also known as Kohinoor Group is a Pakistani conglomerate company which is based in Lahore, Pakistan.
The company was founded by Amin Saigol in the 1930s with a small shop that eventually developed into the Kohinoor Rubber Works also own Subsidiaries Pak Electron and Maple Leaf Cement.