Authorities have engaged eight major global firms under no win, no pay contracts to track, freeze, and repatriate funds.
Financial authorities in Dhaka are widening their cross-border asset recovery operations. Following initial investigations into major industrial groups, the central bank has identified a second tier of 42 institutions carrying massive classified loans. Governor Mustakur Rahman presided over a review meeting with commercial bank managing directors, where officials confirmed that targeted asset searches span twelve countries worldwide, including the United Kingdom, the United States, the United Arab Emirates, Canada, Singapore, Malaysia, China, and Thailand.
Targeted Industrial Groups and International Legal Partners
The newly scrutinized entities feature prominent local industrial concerns. According to information from banking sector discussions, the 42 identified institutions include SB Exim Group, Habib Group, Yasir Group, AWR Group, Liberty Group, Premier Group, Lasker Group, and Sad Musa Group.
To locate and seize overseas holdings, authorities have retained eight international legal and professional advisory firms. Central bank officials note that recovering funds siphoned abroad requires navigating foreign jurisdictions through specialized legal channels, separating routine domestic loan defaults from international money laundering cases.
| International Partner Firms |
|---|
| Grant Thornton |
| RI Consortium |
| Baker McKenzie & PwC |
| DLA Piper & Kroll |
| EY & Dentons |
| Rahman Ravelli & Interpath |
| BCG & HHR |
| Animas Associates |
Recovery Mechanics Under Strict Fee Structures
The global consulting firms will operate under rigorous financial terms. The international asset search operates entirely under no win, no pay agreements, ensuring that the hired entities receive compensation only after successfully recovering funds.
Central bank spokesperson Arif Hossain Khan outlined the operational roadmap for the overseas assets. The foreign agencies will first identify the location and financial volume of the smuggled assets before initiating local legal procedures to freeze them. Once courts authorize the measures, the property will be liquidated and returned to domestic banks to adjust long-standing overdue classified loans.
Broader Crackdown on Siphoned Capital
This initiative follows earlier actions targeting high-profile default cases. An interim government-backed joint investigation team comprising the Anti-Corruption Commission, the Criminal Investigation Department, and the Central Intelligence Cell previously seized roughly 76,000 crore taka in domestic and foreign assets linked to the family of Sheikh Hasina and ten major industrial groups, including S. Alam, Beximco, Summit, Bashundhara, and Sikder groups.
Speaking after the banking sector review, Mutual Trust Bank Managing Director Syed Mahbubur Rahman emphasized that accountability remains paramount alongside financial recovery. Recovering the funds is a secondary question, he told journalists, stressing that ensuring legal penalties for those involved in capital flight is vital and that freezing foreign holdings serves as a primary step.
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