Asset management firm LR Global Bangladesh has alleged that certain media outlets have been colluding with their competitors and spreading misleading and distorted information about the firm in an effort to tarnish its reputation.
In a press release issued on Monday, they elaborated in their allegations by stating that they faced a sustained campaign of illegal and unethical actions by multiple competitors including, in most cases in collaboration with certain individuals within service providers and regulators, spanning from 2014 to 2025 and continuing.
“These actions—ranging from false accusations, disruption of business and investment activities, collusion, and weaponizing service providers to unjustifiably act against LR Global and its funds, market manipulation of our exchange traded funds, weaponizing media to publish false reports, and unjust account freezes and regulatory overreach to essentially drive LR Global out of the market in Bangladesh,” the release also said.
These actions have a substantial and far-reaching adverse impact on investment industry in the capital market as a whole, the firm further remarked.
The firm reiterated that there was never any proven allegation against LR Global Bangladesh, as any concerns raised were clarified by the Bangladesh Securities and Exchange Commission on February and March 2022.
“The same individuals have been attempting to damage the reputation of LR Global since 2014-2015, repeating their efforts in 2019- 2020. On each occasion, we successfully countered these campaigns. Today, our competitors are once again trying to undermine us, leveraging media outlets to project a negative image of LR Global in the capital market, thereby harming both our organization and our investors.”
“Since the inception of our funds, All LR Global managed funds outperformed the market benchmark by 88.5% since 2008, and returned over 70% of investor capital as dividends, demonstrating its strong performance despite adverse market conditions, corruptions within regulatory bodies and highly unfavorable investment climate in Bangladesh,” it also said in the release.
They urged the authorities, including regulatory bodies, to intervene and address this issue in a manner that benefits the capital market as a whole, as “doing so would set a precedent that strengthens investor confidence and upholds the integrity of the market.”
They also urged their stakeholders to come forward and expose these elements to both the regulators and LR Global so that appropriate legal action can be taken in accordance with the laws of Bangladesh.