Crescent Star Insurance Hits Back at Tri-Star Power Over “False” Allegations

Crescent Star Insurance Limited (CSIL) has rejected all allegations raised by Tri-Star Power Limited in a letter sent to the Pakistan Stock Exchange (PSX) on November 3, 2025.

CSIL told PSX that Tri-Star has not conducted mandatory Board elections for years in violation of the Companies Act 2017 and unlawfully prevented authorised shareholders and their representatives from attending the recent AGM despite valid proxies and board resolutions.

The company also criticised Tri-Star’s long-standing lack of transparency over National Investment Trust (NIT) Units reportedly seized in 1993, noting that the issue continues to appear unresolved in its financial statements with no supporting documentation or reconciliation.

Addressing accusations of price manipulation and margin trading, CSIL said all its share purchases were made through open-market transactions at PSX and fully disclosed to both the exchange and the Securities and Exchange Commission of Pakistan (SECP). It called Tri-Star’s allegations “baseless” and warned they may constitute market misinformation under the Securities Act 2015.

CSIL further alleged that Tri-Star deliberately blocked its representative from attending the AGM, calling it a violation of Section 132 of the Companies Act. The incident reinforced concerns that Tri-Star was avoiding shareholder oversight.

The insurer urged Tri-Star to hold fresh Board elections, provide a written explanation for the AGM access denial, and fully disclose the status of the NIT Units matter. CSIL said it would approach PSX, SECP, and other authorities for proceedings under the Companies Act 2017 and Securities Act 2015 if the company fails to comply.

CSIL expressed hope that Tri-Star would address the issues and comply with statutory requirements.