Panels to look into assets of three mutual funds

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Bangladesh Securities and Exchange Commission (BSEC) has formed three committees to look into the assets of three fund managers: LR Global Bangladesh, Race Asset Management and ICB Asset Management.

The panels will submit reports within 30 trading days. The regulator formed the committees amid criticism when a report got circulated that UFS Asset Management has embezzled Tk 158 crore from investors’ funds.

The panels will investigate whether the funds’ asset is shown properly and the income from the investment came duly.

A three-member panel will investigate the ICB Asset Management’s funds while two other five-member committees will investigate the funds of LR Global Bangladesh and Race Asset Management.