Eight international legal firms are seeking overseas assets linked to 42 institutions with defaulted loans exceeding Tk 200 crore, following an earlier initiative involving Sheikh Hasina’s family and 10 industrial groups. Using information supplied by the relevant banks, the firms are identifying the location, nature and value of assets held abroad by defaulting borrowers. The stated aim is to seize or attach assets through legal procedures and return the money to Bangladesh for repayment of the banks’ outstanding claims.

The firms involved include Grant Thornton, RI Consortium, Baker McKenzie and PwC, DLA Piper and Kroll, EY and Dentons, Rahman Ravelli and Interpath, BCG and HHR, and Animus Associates. They will not charge advance fees or costs. Instead, they will receive an agreed share of recovered funds if they successfully identify and recover overseas assets, under a no-win, no-pay arrangement.

Countries initially considered possible locations for transferred money or assets include the United States, United Kingdom, United Arab Emirates, Canada, Singapore, Belgium, New Zealand, Hong Kong, China, Malaysia, Thailand and Australia. Once assets are identified, legal action will be taken under the laws of the relevant country. Earlier recovery efforts also involved the Anti-Corruption Commission, CID, customs and income tax units.