Pakistani origin businessman has been accused of sexual assault.
Pakistani origin American businessman Zia Chishti has resigned from the Artificial Intelligence company Afiniti as the CEO days after a former colleague accused him of sexual assualt.
Reports say he is also likely to resign as CEO from the TRG Pak, which has faced major losses at the Pakistan Stock Exchange (PSX) since November 16, when the accusation against Chisti first surfaced. TRG Pak share price slid from Rs130 on Tuesday to Rs111 on Thursday. The share closed at lower lock yesterday.
When the PSX opened on Friday, the TRG Pak share faced another bout of panic selling and immediately slid 7.5% closing at Rs103 with a lower lock.
Shareholders of TRG Pak are said to be in a state of shock. TRG Pak share may recover if Zia Chishti resigns from TRG PAK as well, an investor told SAMAA Digital.
The company has written to general manager PSX to ward off rumours and said that the accusations against the CEO involved “the law and procedures of a foreign jurisdiction and not of Pakistan.”
American born Zia Chishti is a recipient of Sitara-e-Imtiaz, the third highest civilian honour in Pakistan. He spent his childhood in Lahore after moving back to Pakistan from the US with his mother Sadia Chishti, who holds a doctorate and is a former member of the Islamic Ideology Council of Pakistan.
Zia Chishti was accused by Tatiana Spottiswoode, a former Afiniti employee, of sexual assault. Spottiswoode told a committee of the US House of Representatives that she first met the accused through her family and joined Afiniti in 2016 where she faced workplace sexual harassment and violence and was pressured for sex.
Spottiswoode also said she was forced to endure a secret arbitration process. She is a law student at Columbia Law School.
The November 16 testimony rocked the business world. Former British Prime Minister David Cameron from Afiniti, which he served as an advisor.
Zia Chishti, 50, graduated from Columbia University and Stanford University in the United States and proved his mettle as a successful businessman in the following decades.
He was awarded Sitara-e-Imtiaz during the PMLN government. Earlier this year, he toured Khyber Pakhtunkhwa province and met with Chief Minister Mahmood Khan. He expressed interest in setting up a technology city in the province, according to BBC Urdu.