ICB’s Tk220cr Lawsuit Threat Prompts Strong Response from Race Asset Management

Race Asset Management has pledged to defend itself in court against ICB’s Tk220 crore fund-irregularity allegations, calling them false and outdated.

Race Asset Management Ltd has firmly denied the accusations made by the Investment Corporation of Bangladesh (ICB), which alleged that the company engaged in irregularities in managing mutual funds worth Tk220 crore. In its official response, Race characterized the claims as “fabricated, politically motivated, and damaging to an organization known for its integrity and transparency.”

According to ICB, Race violated investment guidelines and misused fund resources. Race countered that all fund management activities have complied with the rules set forth by the Bangladesh Securities and Exchange Commission (BSEC). “Our investment record is open to scrutiny and fully auditable,” the firm said. “There is no factual evidence supporting these accusations.”

Hasan Imam, CEO of Race, condemned the move as “a targeted campaign to malign a respected financial institution.” He stated that previous investigations into similar claims had proven Race innocent of all charges. “We have a clean track record and nothing to hide,” Imam said. “This attempt to stir controversy will fail as the truth comes to light.”

Race also pointed to irregularities in ICB’s approach, stressing that the matters under question involve transactions audited and approved years ago. “If genuine concerns existed, they should have been raised during those audits,” the statement read. “Reopening old issues now only signals ulterior motives.”

The company reaffirmed its compliance with BSEC standards and commitment to regular audits by independent authorities. “Our practices meet the highest standards of corporate governance,” Race asserted. “We stand ready for any legitimate inquiry but reject defamatory tactics.”

Race clarified that unrelated cases involving other individuals, such as Nafeez, are not connected to its operations. “Such associations are factually incorrect and unfair,” it said.

Promising full cooperation with regulators, Hasan Imam concluded, “We will pursue appropriate legal action to protect our reputation. Race Asset Management remains steadfast in defending investor trust and upholding the integrity of Bangladesh’s financial system.”