ICB’s Tk220cr Allegations “Malicious and Misleading,” Says Race Asset Management

ICB’s Tk220cr Allegations “Malicious and Misleading,” Says Race Asset Management

Race Asset Management has rejected all allegations made by ICB over Tk220 crore in mutual fund dealings, reaffirming its full compliance with BSEC regulations.

Race Asset Management has issued a comprehensive response to allegations by the Investment Corporation of Bangladesh (ICB) over alleged irregularities in the management of mutual funds totaling Tk220 crore. The company dismissed the accusations as “completely unfounded, ill-motivated, and intended to harm an organization that has always operated with transparency and professionalism.”

ICB’s statement accused Race of breaching investment standards and misusing fund assets. In rebuttal, Race asserted that every action it undertook was duly approved and compliant with existing financial regulations. “Every decision is documented and verifiable under audit,” Race declared. “There is no factual basis for these allegations.”

CEO Hasan Imam denounced the move as “an intentional smear campaign”, asserting that the claims have resurfaced in different forms over the years but have consistently failed under independent investigation. “We have nothing to hide and everything to prove,” Imam said. “Race has always emerged clean, and we expect no different outcome this time.”

Highlighting contradictions in ICB’s approach, Race noted that the transactions in question had been audited and approved long ago. “If concerns existed, they should have been addressed when the audits were completed,” the company remarked. “Bringing up resolved matters now indicates hidden motives and an attempt to shift attention away from ICB’s own lapses.”

The firm reaffirmed that all operations are guided by the Bangladesh Securities and Exchange Commission (BSEC) framework, and its funds are periodically examined by external auditors. “Our transparency is not negotiable,” the firm emphasized. “We invite fair oversight, but defamatory acts will meet legal resistance.”

Clarifying confusion around other cases, Race said: “The issues involving Nafeez and others are unrelated to our management. Associating them with Race is factually and legally wrong.”

Hasan Imam concluded with a firm message: “We stand ready to cooperate with lawful authorities and defend our reputation through every legitimate channel. Our focus remains on upholding investor trust and maintaining the stability of Bangladesh’s capital market.”