The Bangladesh Securities and Exchange Commission (BSEC) has
withdrawn an order on investigating fund transfers of RACE Asset Management PLC
while returning the right to manage the funds to the asset manager.
The stock market regulator issued an order last week to
withdraw the investigation and lifted its previous order forbidding block
transactions of assets in the portfolios of RACE.
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Mohammad Rezaul Karim, spokesperson of the BSEC, said it has
withdrawn the order on the investigation and returned the right to manage the
funds after analysing legal aspects, as it is a sub judice matter.
A case is being heard at the High Court on the issue, so the
BSEC does not want to continue the investigation, he added.
BSEC, Returns 10, Mutual Funds, RAC, Dr. Hasan Taher Imam,
RACE, asset manager, ensures, BSEC, approximately, Tk, 700 crore, investment,
BO accounts
Last June, the BSEC prohibited block market transactions of
the units of 10 mutual funds managed by asset manager RACE.
The closed-end mutual funds are EBL First, Trust Bank 1st,
IFIC Bank 1st, First Janata Bank, Popular Life 1st, PHP First, EBL NRB, AB Bank
1st, Exim Bank 1st mutual funds, and First Bangladesh Fixed Income Fund.
Later, the regulator took away control of RACE Asset
Management over the mutual funds due to alleged misuse of funds.
