Bangladesh, Oct. 26 -- Seven banks and an international asset-recovery consortium squabble over an agreement on repatriating Sikder Group's stolen assets worth around $1.0 billion detected abroad.

Another corporate, City Group, defaults on down payment to get regularised a huge sum of unpaid bank loans and faces an ultimatum, officials said.

It is believed that the once-upstart business group of the Sikder dynasty siphoned off assets amounting to around $1.0 billion and the UK-based consortium called R-One had already traced $500 million that was laundered to four destinations: Cayman Islands, Thailand, Dubai and the United States.

Based on the previous discussions with the consortium in respect of recovery of the stolen assets of the...