Eight international law firms are tracing overseas assets of 42 companies with more than Tk 200 crore in default loans, as part of an effort to recover money owed to Bangladeshi banks.The firms are identifying the location, nature and value of assets held abroad by the loan defaulters based on information provided by the concerned banks. Legal steps are then being pursued under the laws of the respective countries to seize or attach the assets and repatriate the proceeds.The firms involved include Grant Thornton, RI Consortium, Baker McKenzie and PwC, DLA Piper and Kroll, EY and Dentons, Rahman Ravelli and Interpath, BCG and HHR, and Animus Associates.The firms will work on a “no win, no pay” basis, meaning they will not charge any upfront fees or expenses. They will receive an agreed portion of the recovered funds if assets are successfully identified and recovered.The countries being examined include the United States, United Kingdom, United Arab Emirates, Canada, Singapore, Belgium, New Zealand, Hong Kong, China, Malaysia, Thailand and Australia.If assets are identified and legally seized or attached, they will subsequently be sold or otherwise disposed of, with the recovered proceeds brought back to Bangladesh to repay the banks’ outstanding loans.Earlier, initiatives were launched to recover allegedly siphoned-off funds linked to the family of Sheikh Hasina and 10 business groups. The Anti-Corruption Commission, Criminal Investigation Department, relevant Customs and income tax units are involved in those efforts. Meanwhile, concerned banks are separately seeking assistance from foreign law firms to recover defaulted loans held abroad.