Dhaka, June 24 -- The government has initiated a process to engage international legal firms to help recover money linked to defaulted loans created through irregularities and corruption in the banking sector, Finance Minister Amir Khasru Mahmud Chowdhury told Parliament on Wednesday.

Responding to a question from Kurigram-1 MP Anwarul Islam, the finance minister said the government has signed non-disclosure agreements (NDAs) with nine international law firms and begun the recruitment process on a "no win, no fee" basis to assist nearly 30 troubled banks in recovering non-performing loans.

As part of the first phase, legal proceedings have been launched in six cases involving former Land Minister Saifuzzaman Chowdhury, controversial bus...