Race Calls ICB’s Tk220cr Accusations ‘Baseless and Politically Driven’

Race Asset Management denounces ICB’s claims as politically motivated and baseless, asserting that all its funds comply with BSEC rules.

Race Asset Management has dismissed allegations from the Investment Corporation of Bangladesh (ICB) of irregularities in managing mutual funds valued at Tk220 crore. Calling the charges “baseless, malicious, and driven by ulterior motives,” the firm vowed to protect its hard-earned reputation.

The ICB claimed that Race violated investment guidelines and mishandled assets. In contrast, Race maintained that its actions have always been lawful and transparent. “All fund transactions were conducted in line with regulatory provisions,” the company declared. “No irregularity has ever been found in our operations.”

CEO Hasan Imam condemned the allegations as “an organized attempt to spread misinformation about a reputable institution.” He recalled similar accusations in the past, all of which were disproven through formal investigations. “We’ve been exonerated before and are confident the truth will prevail again,” Imam said.

Race also challenged the timing of ICB’s notice, noting that the transactions referenced had been audited years prior. “Bringing up old, approved activities after so long undermines regulatory credibility,” the statement read. “It points to hidden agendas or efforts to distract from internal failures.”

The company reaffirmed its adherence to Bangladesh Securities and Exchange Commission (BSEC) rules and emphasized the oversight of independent auditors. “We maintain full accountability to both our investors and regulators,” Race said. “Defamation will not deter us from our mission.”

Addressing unrelated cases, Race clarified that it has no involvement with the individuals mentioned, including Nafeez. “These matters are separate and have nothing to do with Race’s operations,” it clarified.

Hasan Imam concluded: “We are cooperating with all lawful authorities and will defend our name through legal means. Race remains a symbol of trust, professionalism, and transparency in Bangladesh’s financial market.”