Dhaka explores settlements with money launderer tycoons
Bangladesh’s interim government, led by Nobel laureate Muhammad Yunus, is considering financial settlements with business tycoons accused of siphoning funds abroad during the 15-year rule of ousted prime minister Sheikh Hasina.
Central bank governor Ahsan H Mansur, spearheading the asset recovery initiative, told the Financial Times that settlements could be an option for less severe cases.
Mansur, a former IMF official, aims to raise up to $100 million to fund international litigation targeting assets linked to politically connected figures from Hasina’s regime.
The government, which assumed power after a student-led uprising toppled Hasina in August 2024, alleges that tens of billions of dollars were illicitly moved out of the country.
A December 2024 economic white paper estimated that approximately $234 billion was siphoned off during Hasina’s tenure, often through fraudulent loans secured by controlling bank boards or by skimming funds from infrastructure projects.
In an interview in Dhaka ahead of a UK visit with government officials, Mansur explained that the approach would vary based on the severity of the violations.
“For less serious offenses, we may pursue civil suits with financial settlements as part of the process,” he said, declining to name specific targets.
The administration has launched 11 priority investigations into families tied to Hasina’s government, frozen domestic bank accounts, and is collaborating with foreign law enforcement to recover assets.
During the London visit, Yunus urged UK authorities to provide “more enthusiastic support” in tracing and repatriating stolen funds, emphasising a legal and moral obligation to assist. “This is stolen money,” he told the Financial Times.
Critics from Hasina’s now-banned Awami League claim the interim government’s anti-corruption drive is a political vendetta. Yunus announced that a national election to replace his administration is scheduled for April 2026.
To bolster its efforts, Mansur’s team is engaging litigation funding firms to cover legal costs in exchange for a share of recovered assets.
Omni Bridgeway, a Sydney-based litigation funder, confirmed discussions with Mansur and senior managers at over 16 Bangladeshi banks.
“We are particularly interested in financing the recovery of non-performing loans tied to illicit fund transfers abroad,” said Wieger Wielinga, Omni Bridgeway’s managing director of enforcement.
Mansur noted a “very positive response” from funders, expressing hope to maximize their support for Bangladesh’s asset recovery campaign.
Source: Financial Times
