The authority to handle these funds has been returned to Race Asset Management by the Bangladesh Securities and Exchange Commission (BSEC), which has revoked its order to look into the transfer of Race Asset Management PLC’s mutual funds.

Last Monday, the BSEC issued an order in this regard. By issuing this order, the BSEC has lifted the ban on block transactions of Race’s portfolio assets and revoked the previous investigative order.

According to BSEC spokesperson Mohammad Rezaul Karim, the organization has chosen not to pursue the inquiry after reviewing the legal factors and determining that the subject is sub-judice in court. As a result, Race now has the authority to oversee the money again.

He also said that a case is going on in the High Court in this regard. Therefore, BSEC does not want to proceed with the investigation.

Earlier, in June, BSEC had banned block market transactions of 10 mutual fund units of Race Asset Management.

These funds are: EBL First, Trust Bank First, IFIC Bank First, First Janata Bank, Popular Life First, PHP First, EBL NRB, AB Bank First, Exim Bank First and First Bangladesh Fixed Income Fund.

Race Asset Management’s funds were later taken over by BSEC, who claimed that the company had misappropriated the cash.