Race Slams ICB’s Tk220cr Mutual Fund Claims, Cites Regulatory Clean Record

Race Asset Management has called ICB’s recent allegations baseless, highlighting that all mutual fund transactions were legally conducted and audited.

Race Asset Management has categorically rejected the Investment Corporation of Bangladesh’s (ICB) allegations of mismanagement involving Tk220 crore in mutual funds. The company said the accusations were “malicious, unfounded, and intended to undermine a firm that has consistently served investors with honesty and transparency.”

ICB’s notice suggested that Race had breached investment rules and mishandled assets. In response, Race stated that all operations are compliant with regulatory standards. “Every investment decision was made in strict adherence to authorized processes and can be verified through proper documentation,” the firm noted. “These claims have no factual or legal basis.”

CEO Hasan Imam described the allegations as “a deliberate effort to mislead the public and damage our credibility.” He pointed out that Race had faced similar baseless accusations before, which were dismissed after investigation. “Truth and evidence have always been on our side, and we expect the same outcome again,” Imam said.

Race also questioned the motives behind ICB’s move, emphasizing that the disputed transactions were approved years ago following multiple audits. “If ICB had legitimate concerns, they should have acted earlier,” the company said. “Revisiting old matters without cause raises doubts about the institution’s intentions.”

The firm reiterated its adherence to Bangladesh Securities and Exchange Commission (BSEC) guidelines and highlighted its transparent practices through routine third-party audits. “We are proud of our governance and accountability,” Race stated. “We welcome any lawful inquiry but will challenge defamation.”

Race clarified that it has no connection to cases involving other individuals, including Nafeez. “Such associations are both incorrect and harmful,” it said.

Pledging full cooperation with regulatory bodies, Race confirmed it will pursue justice through appropriate channels. “We are confident that an objective review will demonstrate our compliance and integrity,” Imam said. “Race stands by its investors and continues to uphold the principles that define the country’s financial sector.”