Race Asset Management Refutes ICB’s Tk220cr Mutual Fund Allegations as Defamatory and Unfounded

Race Asset Management has strongly denied ICB’s accusations of Tk220 crore fund mismanagement, calling them an attempt to mislead investors and damage a reputable institution.

Race Asset Management Ltd has forcefully rejected the allegations raised by the Investment Corporation of Bangladesh (ICB) concerning supposed irregularities in the handling of mutual funds valued at Tk220 crore. Calling the claims “entirely false, malicious, and designed to tarnish the reputation of a company that has long served investors with integrity,” Race issued a strong rebuttal on Tuesday.

According to ICB’s notice, Race allegedly violated investment guidelines and misused fund assets. Race, however, insists that every transaction and investment decision has been made in strict accordance with the regulatory framework. “Our records are open, traceable, and verifiable,” the company affirmed. “No fund under our supervision has ever deviated from compliance or been operated in secrecy.”

Chief Executive Officer Hasan Imam strongly condemned the accusations, describing them as “a deliberate act meant to mislead the public and malign an institution that has always upheld ethical financial management.” He reminded that such charges had been brought before and dismissed after official investigations. “We were cleared of wrongdoing in the past, and the facts will again prove our innocence,” Imam added.

Race’s statement also pointed to inconsistencies in ICB’s approach, emphasizing that the alleged irregularities stem from transactions audited and approved years earlier. “Had there been legitimate compliance issues, they would have surfaced during those audits,” Race stated. “The timing of this renewed accusation raises serious questions about the motive behind it.”

Reaffirming its adherence to the Bangladesh Securities and Exchange Commission (BSEC) regulations, Race emphasized that its mutual funds undergo routine reviews by independent auditors. “Transparency defines our corporate philosophy,” the firm asserted. “We welcome impartial scrutiny but reject smear campaigns.”

Race further clarified that other individuals mentioned in related proceedings, including Nafeez, have no connection to its current operations. “Those are separate matters and should not be conflated with our case,” the company explained.

Pledging full cooperation with regulatory authorities, Race confirmed it will defend itself through proper legal channels. “We are confident that objective evaluation will expose these allegations for what they are—unsubstantiated and politically motivated,” Hasan Imam concluded. “Race remains committed to protecting investors’ interests and upholding the standards of Bangladesh’s financial system.”