Seven entities taken over as per law: Grameen Bank chairman

Seven entities at Grameen Telecom Bhaban have been taken control of in compliance with the law, Grameen Bank Chairman AKM Saiful Majid has claimed.

Nobel Laureate Dr Muhammad Yunus holds no ownership or share in these entities, he told a press conference at the Grameen Bank Office in Dhaka’s Mirpur, which the bank organised to counter Dr Yunus’s recent allegations that Grameen Bank had forcefully taken control of their eight entities, which he had established with his business profits, local media reported.

Mr Majid claimed that Dr Yunus had not established the entities with his business profits, but rather with funds from Grameen Bank.

He alleged evidence of Dr Yunus laundering money abroad.

A seven-month audit, the Grameen Bank chief added, shows that the Nobel laureate siphoned off billions of takas from Grameen Bank to establish entities like Grameen Telecom, Grameen Kalyan and Grameen Fund.

He stated that Grameen Bank did not forcibly take over any of Dr Yunus's entities; everything was done according to the law. All the entities in question are owned by Grameen Bank, not Dr Yunus.

Mr Majid noted that Grameen Kalyan and Grameen Telecom were established in the 1990s, but now much of the financing information related to these entities is missing as that has either been removed or destroyed.

He contested as ‘incorrect’ Dr. Yunus's allegation that the entities had been forcibly taken over.

At the 42nd Grameen Bank Board of Directors’ meeting itself in 1996, according to him, it was decided under the Company Act that Grameen Kalyan would be established, and as per Section 48 of the Articles of Association, Grameen Bank would be allowed to nominate the chairman of Grameen Kalyan.

The Grameen Bank chief claimed that Dr Yunus took Tk 4.47 billion for establishing Grameen Kalyan and Tk 240 million for Grameen Telecom from Grameen Bank without returning any interest or dividends.

In response to Dr Yunus's allegation that Grameen Bank had forcibly taken over eight entities, he said that letters seeking control were sent to seven entities established with Grameen Bank's funds, including Grameen Kalyan, Grameen Telecom, Grameen Fund, Grameen Matsya Fund, Grameen Udyog, Grameen Samgri, and Grameen Shakti, with nominations for chairmanship and director positions being made for three of these entities. But Dr Yunus mentioned eight entities, which is incorrect. He holds no ownership or shares in these entities.

The Grameen Bank chief said that at Grameen Bank’s 155th board meeting held on Monday, nominations were made for the positions of chairman and a certain number of directors for seven entities, and all were done in accordance with the law governing these Grameen Bank-established entities.

He emphasised that no legal boundaries were crossed in these actions.

Grameen Bank Managing Director Nur Mohammad, among others, was present at the press conference.