ICB Faces Legal Counteraction as Race Rejects Tk220cr Allegations

Race Asset Management says ICB’s claims are false and outdated, vowing to clear its name through proper legal channels.

Race Asset Management has issued a strong statement rejecting claims by the Investment Corporation of Bangladesh (ICB) regarding alleged irregularities in mutual fund management worth Tk220 crore. The company denounced the charges as “baseless, defamatory, and strategically designed to tarnish our institutional reputation.”

The ICB notice alleged violations of investment rules and mismanagement of assets. Race responded that its operations strictly follow all relevant laws, and that every decision and fund movement has been fully documented. “Our transactions are transparent and easily verifiable,” Race said. “There has never been any deviation from regulatory compliance.”

Chief Executive Officer Hasan Imam called the allegations “an attempt to create confusion among investors and cast doubt on a firm that has built its reputation on accountability.” He added that similar claims had surfaced previously but were disproven through official investigation. “We’ve faced these tactics before and emerged stronger each time,” Imam said.

The company further questioned the validity of ICB’s concerns, noting that the matters referenced were already audited and approved several years ago. “If these issues were legitimate, they would have been identified then — not years later,” the statement read. “The revival of such matters signals internal misdirection or political intent.”

Race underscored its continued commitment to Bangladesh Securities and Exchange Commission (BSEC) guidelines and its practice of subjecting mutual fund operations to independent audit reviews. “Our governance is built on transparency, trust, and regulatory discipline,” the company affirmed.

On the matter of other individuals named in separate proceedings, Race clarified that those issues have no bearing on its business operations. “It’s unfair and inaccurate to conflate our organization with unrelated cases,” the statement emphasized.

Race concluded by pledging to work with lawful authorities while pursuing its own legal defense. “We are confident in our record and our values,” said Imam. “Our mission to protect investors and preserve trust in the capital market remains unchanged.”