Govt sends legal requests to 6 countries to recover laundered S Alam, Beximco money
Four foreign law firms hired to trace overseas assets.
Highlights:
- Four international law firms hired to trace overseas assets
- Both criminal and civil proceedings underway
- Asset recovery depends on foreign cooperation and legal proof
- Govt pursuing both state-level and legal firm-led recovery efforts
Finance Minister Amir Khosru Mahmud Chowdhury today (21 April) told parliament that Mutual Legal Assistance Requests (MLARs) have been sent to four countries to recover allegedly laundered funds linked to S Alam Group, and to two countries in the case of Beximco Group.
He said MLARs were sent to the British Virgin Islands, Cyprus, Jersey, and Singapore in relation to S Alam Group, and to the United Kingdom and the United Arab Emirates for Beximco Group.
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Alongside criminal proceedings, civil legal processes are also being pursued, with four reputed international law firms engaged to trace overseas assets.
He added that civil proceedings are also underway alongside criminal cases, with four international law firms engaged to trace assets abroad. Recovery depends on responses from foreign jurisdictions and subsequent legal proof of illicit fund transfers.
The minister made the disclosure in response to a written question from Cumilla-4 MP Abul Hasnat (Hasnat Abdullah) during the parliamentary question-answer session. Speaker Hafiz Uddin Ahmed presided over the sitting.
In his question, Hasnat said Islami Bank Bangladesh alone holds defaulted loans worth Tk92,115 crore, of which around Tk80,000 crore is linked to S Alam Group. He added that Janata Bank has nearly Tk25,000 crore in default loans involving Beximco Group.
He sought details on the countries where legal action has been initiated to recover laundered assets and asked how much could be recovered in the current fiscal year.
He also asked whether any understanding had been reached between the government and S Alam Group regarding loan repayment and reinstatement in banks.
Responding to the supplementary query, the finance minister said there is no scope for any "settlement" in BNP's economic policy framework.
He said issues of financial discipline and macroeconomic stability were never compromised during BNP's past tenures.
"On one hand, government-to-government efforts are ongoing; on the other, specialised firms are working on asset recovery," he said.
In his written reply, the minister said asset recovery under international law is a complex and lengthy process. The key step is sending MLARs under the Mutual Legal Assistance in Criminal Matters Act, 2012.
He said joint investigation teams involving the Anti-Corruption Commission, the Criminal Investigation Department, the Central Intelligence Cell, customs and intelligence agencies have already filed cases with Bangladeshi courts.
It is not possible to estimate recovery within the current or next fiscal year though efforts under existing legal frameworks will continue, he said.
