Race Hits Back at ICB Over Tk220cr Mutual Fund Dispute, Calls Claims Baseless

In a firm response to ICB’s legal notice, Race Asset Management insists no wrongdoing occurred in the management of Tk220 crore in mutual funds.

Race Asset Management has publicly refuted the accusations brought by the Investment Corporation of Bangladesh (ICB), describing them as “false, misleading, and damaging to the reputation of a trusted financial institution.” The dispute centers on allegations of fund mismanagement involving mutual funds worth Tk220 crore.

In its formal statement, Race argued that all its investment decisions and fund operations were executed in full compliance with laws, guidelines, and oversight protocols. “Our documentation is comprehensive and accessible for verification,” the statement read. “No action has been taken outside the authority of the Bangladesh Securities and Exchange Commission or established policy.”

Hasan Imam, CEO of Race, called the charges “an orchestrated effort to misinform the market and tarnish our standing.” He recalled earlier attempts to malign the company, which had been disproved by independent inquiries. “The truth always came out before, and we are confident it will again,” Imam said.

Race also questioned the motives behind ICB’s recent notice, pointing out that the alleged issues pertain to transactions long audited and endorsed by relevant authorities. “Revisiting settled matters after years suggests internal distractions or attempts to divert accountability,” the company noted.

The firm reiterated that it strictly follows BSEC directives and that its mutual fund portfolios are subject to regular reviews by independent auditors. “Our governance model is rooted in transparency and investor protection,” Race emphasized. “We welcome scrutiny, but defamation cannot be tolerated.”

Addressing other names mentioned in external proceedings, Race clarified that such individuals, including Nafeez, have no operational connection with the firm. “It is misleading and unjust to link unrelated cases with our business,” the statement concluded.

Race assured that it will cooperate fully with authorities to resolve the issue. “We are ready to defend our record through the proper legal process,” Imam affirmed. “Our integrity and our commitment to the financial well-being of our investors remain steadfast.”