Around 30 banks affected by irregularities and corruption have undertaken initiatives to recover defaulted loan funds that were allegedly laundered abroad, Finance Minister Amir Khosru Mahmud Chowdhury informed Parliament today, says BSS report.
The minister said this in reply to a written question tabled by Opposition Member of Parliament (Jamaat-e-Islami) Anwarul Islam from Kurigram-1 constituency in the House.
He said the recovery of laundered funds is a civil process. To facilitate the recovery of defaulted loans, the banks have signed Non-Disclosure Agreements (NDAs) with nine international legal firms and have initiated their engagement under a “no win, no fee” arrangement.
According to the finance minister, these international legal firms will provide necessary legal assistance to the banks in identifying funds and assets held abroad in the names of the accused loan defaulters and in bringing those assets back to the country.
He further said the initiative has initially been launched in six cases involving Saifuzzaman Chowdhury, S. Alam, Beximco, Sikder Group, Nasa Group and Orion Group.
The minister added that there are plans to expand the programme further in the future.