Govt mulls deal with individuals over offshore wealth

Staff Reporter  :

Bangladesh is considering financial settlements with affluent individuals accused of illicitly transferring funds abroad during the administration of ousted Sheikh Hasina regime, Ahsan H. Mansur, the governor of Bangladesh Bank and head of the national asset recovery task force, has said.

In an interview with the Financial Times, Mansur said settlements could be an option for the government, particularly in cases where the offenses are considered relatively minor. “For less severe infractions, we may opt for civil proceedings that incorporate financial settlements,” he said, without naming specific individuals or families under review.

The interim government-led by Nobel Peace Prize winner Muhammad Yunus-has initiated a major asset recovery initiative, with 11 key investigations already launched. These include inquiries involving families with close links to previous political power structures, notably those associated with Sheikh Hasina. Authorities claim that tens of billions of dollars were illegally moved overseas during her 15-year tenure.

Yunus assumed leadership after a student-led protest movement forced Hasina from power in August last year. Since then, domestic bank accounts linked to suspects have been frozen, and Bangladesh has begun working with foreign enforcement agencies to trace and recover assets held abroad.

Mansur, a former official at the International Monetary Fund, said his team is aiming to secure up to $100 million to pursue legal action abroad. The funds will be used for cases involving embezzlement through fraudulent loans and misappropriation of infrastructure funds.

International litigation funders have expressed strong interest in supporting Bangladesh’s recovery efforts. Sydney-based Omni Bridgeway confirmed it held several meetings in Dhaka earlier this year with Mansur and representatives from over 16 local banks.

“We are particularly focused on helping recover non-performing loans tied to illicit overseas transfers,” said Wieger Wielinga, the company’s managing director for enforcement.

During his UK visit this week, Yunus appealed to British authorities for stronger cooperation in identifying and returning funds allegedly stolen from Bangladesh. “This is stolen wealth,” Yunus said, emphasizing that the UK has a moral and legal responsibility to assist in the recovery process.
A government-commissioned economic white paper, released in December, estimated that approximately $234 billion was illegally transferred out of Bangladesh under Hasina’s leadership.
Meanwhile, the Awami League-recently outlawed by the Yunus-led interim regime-has denounced the anti-corruption drive as politically motivated and aimed at silencing opposition.
Yunus recently announced that national elections to replace the interim administration are scheduled for April next year.