Race Asset Management Condemns ICB’s Tk220cr Allegations as Fabricated

Race Asset Management has criticized ICB’s claims over Tk220 crore fund irregularities, insisting all transactions followed BSEC-approved procedures.

Race Asset Management Ltd has firmly rejected the accusations made by the Investment Corporation of Bangladesh (ICB) concerning alleged financial irregularities in managing mutual funds worth Tk220 crore. Calling the allegations “fabricated, misleading, and damaging to a company built on integrity,” Race maintained that it has always operated under the highest ethical and regulatory standards.

According to ICB’s complaint, Race violated investment protocols and mishandled fund assets. Race countered that every investment and transaction was executed in compliance with the Bangladesh Securities and Exchange Commission’s (BSEC) directives. “All our activities are fully documented, traceable, and open for inspection,” the company stated. “No aspect of our operations has ever deviated from regulatory oversight.”

Chief Executive Officer Hasan Imam described the allegations as “an attempt to undermine a reputable institution that has consistently delivered value and transparency.” He reminded that Race had previously faced similar accusations, which independent inquiries found baseless. “The pattern of these claims suggests an effort to erode trust rather than seek the truth,” he said.

Race also pointed out that ICB’s accusations involve transactions already audited and approved years ago. “If genuine issues existed, they would have emerged during earlier reviews,” the firm stated. “Reviving old and settled matters now is suspect and suggests ulterior motives.”

Reaffirming its alignment with BSEC regulations, Race emphasized that its mutual funds are periodically audited by independent firms to ensure compliance and transparency. “We remain committed to openness and accountability,” the company said. “However, we cannot allow baseless claims to harm our stakeholders or reputation.”

Addressing confusion about other proceedings involving Nafeez and unrelated individuals, Race stressed that such matters have no connection to the firm’s business. “Linking us to these separate cases is misleading and unjust,” the statement said.

Pledging complete cooperation with lawful authorities, Hasan Imam concluded: “We will respond through proper legal avenues. We trust that an impartial review will confirm our integrity. Race Asset Management stands firm in protecting our investors’ interests and the integrity of Bangladesh’s capital market.”