Although its name appeared along with RACE on the Best Holdings prospectus, ICB Capital Management said it had not signed a deal with the hotel owner. Several people related to the market described Best Holdings’ bid for direct listing as an “unprecedented big fraud”. Amin Ahmad, managing director of Best Holdings, did not respond to calls and SMS for comment. “The IPO committee report and other papers made after checking Best Holdings’ records were not submitted at the board meeting,” he said. That Best Holdings can raise funds without the expense of an IPO is based on an argument that some state-owned banks have invested in the firm.

Source: bd News24 December 19, 2020 14:26 UTC