BanglaBhoot
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The allegations have nothing to do with Andhra Pradesh. My point was completely different.
Yunus 'siphoned Tk 7bn aid for poor'
- Thread starter CaPtAiN_pLaNeT
- Start date
The allegations have nothing to do with Andhra Pradesh. My point was completely different.
desioptimist
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Can you elaborate what your point was, please.
Your reference to AP microcredit orgs while criticizing Yunus made the impression that Yunus was approving AP microcredit orgs.
I could be wrong, so can you please elaborate.
BanglaBhoot
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Another Indian claimed Microcredit was doing well in India by providing financial benefits to the poor and I just showed that it wasn't with the example of Andra Pradesh.
TopCat
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Reports baseless
Grameen Bank responds to allegations of fund anomalies
Here is the full text of Grameen Bank's response to press reports:
We are sorry that many friends and well-wishers of Professor Yunus and Grameen Bank around the world were subject to mental agony because of the inaccurate and misleading news report published globally regarding an alleged "siphoning off" of a large amount of money by Professor Yunus through one of his organisations, or "Stashing of $100 million by Nobel Laureate Professor Yunus", as one news organisation put it. The media reports were triggered by the documentary "Fanget I Mikrogjeld" shown on Norwegian TV on Tuesday (November 30) and by a report that appeared on bdnews24.com on December 1.
We wish to assure all readers that these reports are a total fabrication and baseless. Our whole background story was given in Professor Yunus's letter of January 8, 1998.This letter has been circulated by the news agency along with their report. Any reader will immediately know how baseless the report is. We are including this letter along with this rejoinder.
There was no wrongdoing in the agreement between Grameen Bank and Grameen Kalyan. Decisions were taken by Grameen Bank Board, with due deliberation, good faith, and with good intentions to benefit the poor. The actions taken by the Board were viewed as the best use of the funds at the time, a way to ensure Grameen Bank would remain financially accountable for the money while still ensuring that the borrowers received the most possible benefit from donors' grants.
For the grant that Grameen Bank received from Norad and other donor agencies under its third extension phase, Grameen Bank and donors agreed that a 2% interest rate would be fixed on the grant and that interest would be used to create a Social Advancement Fund (SAF) for the welfare of Grameen Bank borrowers and employees. The creation of SAF was our suggestion, donors happily agreed to it.
Grameen Bank believed that if the SAF was kept within Grameen Bank and managed by Grameen Bank then it would not receive the attention it deserves. The core activity of Grameen Bank, the lending programme, would always get precedence. Grameen Bank may not pay sufficient attention to create welfare-based programmes for its members and employees.
Moreover, Grameen's tax exemption period expired on December 31, 1996. At that time, it was uncertain whether the government would extend the tax exemption period after December 31, 1996. If the government would not extend the period then the contribution to the Social Advancement Fund as expenses would not be considered an expenditure of Grameen Bank. As a result, 40% tax would have been imposed on contribution to Social Advancement Fund. It might compel Grameen Bank to reduce or stop charging 2% interest on revolving fund to contribute to SAF, which would be a violation of the agreement with donors. Professor Yunus explains this in his letter dated January 8, 1998, which we have attached to this statement. Under these circumstances, the need for a new organisation emerged. This led to the creation of Grameen Kalyan as the dedicated organisation to utilise the interest income.
Grameen Kalyan was created by the Grameen Bank board (Board Decision 42.8, dated April 25, 1996) in 1996 for the benefit of the Grameen borrowers and employees (90 percent of whom come from low income families), after taking into consideration the opinion of the renowned chartered accountant firm of Bangladesh named Rahman Rahman Huq and Co of Bangladesh, affiliated partner of KPMG.
Grameen Kalyan is a not-for-profit company under company law. No individual owns any share in this company. The profit of this company is not divisible and can only be recycled into its operation to maximise its stated objectives of providing primarily healthcare and education services to Grameen Bank's members and employees.
Empowered by a board decision and executing an agreement between Grameen Bank and Grameen Kalyan under which an endowment to the extent of Taka 3917 million 014 thousand was created by simultaneous notional "transfer" of money. Grameen Kalyan was never given the control and possession of the fund. This simultaneous transfer and Grameen Bank receiving it back in the form of a loan created an opportunity to charge interest on this loan. That interest income was ear-marked to finance borrowers Social Advancement Fund (SAF) as agreed by the donors earlier within the Bank. It was a financial innovation to benefit the poor. Grameen Kalyan received 2% percent interest on the money. This money was to be used to provide education and other services to the borrowers and employees of Grameen Bank.
The programmes run by Grameen Kalyan with the interest accumulated in the SAF included:
1.0 Provide support for higher studies for the academically accomplished children's of borrowers
2.0 Scholarship programmes for the academically accomplished children's of borrowers
3.0 Provide healthcare services to the borrowers at low cost through healthcare centres in the villages. Currently it operates 51 health centres throughout the country.
4.0 Medical expense loans and assistance programmes for the employees and their family member
5.0 Provide assistance for the employees' household loan programme
The actions taken by the Board, which is comprised of nine elected representatives of Grameen Bank borrowers, and three senior representative of the government, were viewed as the best use of the funds, a way to ensure Grameen Bank would remain financially accountable for the money while still ensuring that the borrowers received the most possible benefit from donors' grants. Afterwards not only Norad's money, but the 100% of all donor's money to the extent of Taka 3,474 million 501 thousand was "transferred back", from Grameen Kalyan to Grameen Bank, although the money was always in the Grameen Bank's account. Only SAF fund money amounting to Taka 442 million 512 thousand remained with Grameen Kalyan as it was created out of the interest.
Some print and electronic media stated that Grameen Bank transferred Taka 7 billion to Grameen Kalyan which is absolutely false. Grameen Bank transferred to Grameen Kalyan Taka 3917 million 014 thousand as mentioned before and transferred back Taka 3474 million 502 thousand which is stated earlier. These can be verified through Grameen Bank's annually audited accounts.
If we convert the aforesaid amount at the prevailing exchange rate of 1996, then the 'transfer' stands at about US $ 96 million and the 'transfer back' stands at approximately US $ 85 million. Thus all the donors money was transferred back and only US $ 11 million remained with Grameen Kalyan as it was created out of interest. So the report where it mentions that Grameen Bank transferred US $ 100 million and transferred back only US $ 30 million is completely false.
All necessary entries had been made in the books of accounts of Grameen Bank to replace the transfer, though no physical fund transfer took place, as the fund was with Grameen Bank all along. The fund in question never went out of the Grameen Bank's account and the question of Professor Yunus siphoning this amount is false and baseless. All these talk about siphoning off are just empty words for sensationalism.
According to the management and board of Grameen Bank, there was no violation of any provision of the agreement with Norad. It was a matter of differing views on the subject. Norad considered it a departure from the provision of the agreement, while Grameen Bank thought it was done within the agreement. Grameen Bank did not want go into battle on this issue and so jeopardise our excellent relationship. Grameen Bank reversed its decision and restored the status quo.
The concerns brought up by Norad and the Norwegian government were treated with the utmost seriousness by Grameen Bank and Professor Yunus, and both sides worked to resolve the differing interpretations of a clause in their initial agreement and arrive at a solution in a satisfactory manner. By restoring the status quo, the matter was amicably resolved. It never came back since then. None of the parties involved felt aggrieved.
This is an excerpt from the Norwegian embassy's letter dated May 26, 1998: H.E. Ambassador Hans Fredrik Lehne and Einar Landmark write, "The Embassy highly appreciates your cooperation in solving this issue, and is pleased to have arrived at a solution which is satisfactory for Grameen Bank as well as the embassy".
Reports gave the impression that these transactions were somehow secretive. There was nothing secretive about. It was a matter of honest disagreement.
Grameen Bank's decision-making has always remained very transparent. Grameen Bank's board is always chaired by a distinguished citizen of the country appointed by the government. Government appoints two high officials as members of the board besides the Chairman. The ordinance by which Grameen Bank was created requires the Bank to be audited by two chartered accountant firms every year and submit the accounts to the government as well to the tax department. Grameen Bank also sent these reports every year to all donors. In addition, it is inspected by the central bank annually. In addition to all current statistics relating to the operation of Grameen Bank, all audited reports of the Bank, from 1983 to 2009, are displayed on its website. Moreover, Grameen Bank regularly publishes "Grameen Bank at a Glance" monthly and posts it on its website, which introduces Grameen Kalyan in the following way.
Grameen Kalyan
Grameen Kalyan (well-being) is a spin-off created by Grameen Bank. Grameen Bank created an internal fund called Social Advancement Fund (SAF) by imputing interest on all the grant money it received from various donors. SAF has been converted into a separate company to carry out its mandate to undertake social advance activities among the Grameen borrowers, such as, education, health, technology, etc".
Grameen Bank is Nobel Prize winning bank. We take pride in our transparency and our service to the poor
Reports baseless
Grameen Bank responds to allegations of fund anomalies
Here is the full text of Grameen Bank's response to press reports:
We are sorry that many friends and well-wishers of Professor Yunus and Grameen Bank around the world were subject to mental agony because of the inaccurate and misleading news report published globally regarding an alleged "siphoning off" of a large amount of money by Professor Yunus through one of his organisations, or "Stashing of $100 million by Nobel Laureate Professor Yunus", as one news organisation put it. The media reports were triggered by the documentary "Fanget I Mikrogjeld" shown on Norwegian TV on Tuesday (November 30) and by a report that appeared on bdnews24.com on December 1.
We wish to assure all readers that these reports are a total fabrication and baseless. Our whole background story was given in Professor Yunus's letter of January 8, 1998.This letter has been circulated by the news agency along with their report. Any reader will immediately know how baseless the report is. We are including this letter along with this rejoinder.
There was no wrongdoing in the agreement between Grameen Bank and Grameen Kalyan. Decisions were taken by Grameen Bank Board, with due deliberation, good faith, and with good intentions to benefit the poor. The actions taken by the Board were viewed as the best use of the funds at the time, a way to ensure Grameen Bank would remain financially accountable for the money while still ensuring that the borrowers received the most possible benefit from donors' grants.
For the grant that Grameen Bank received from Norad and other donor agencies under its third extension phase, Grameen Bank and donors agreed that a 2% interest rate would be fixed on the grant and that interest would be used to create a Social Advancement Fund (SAF) for the welfare of Grameen Bank borrowers and employees. The creation of SAF was our suggestion, donors happily agreed to it.
Grameen Bank believed that if the SAF was kept within Grameen Bank and managed by Grameen Bank then it would not receive the attention it deserves. The core activity of Grameen Bank, the lending programme, would always get precedence. Grameen Bank may not pay sufficient attention to create welfare-based programmes for its members and employees.
Moreover, Grameen's tax exemption period expired on December 31, 1996. At that time, it was uncertain whether the government would extend the tax exemption period after December 31, 1996. If the government would not extend the period then the contribution to the Social Advancement Fund as expenses would not be considered an expenditure of Grameen Bank. As a result, 40% tax would have been imposed on contribution to Social Advancement Fund. It might compel Grameen Bank to reduce or stop charging 2% interest on revolving fund to contribute to SAF, which would be a violation of the agreement with donors. Professor Yunus explains this in his letter dated January 8, 1998, which we have attached to this statement. Under these circumstances, the need for a new organisation emerged. This led to the creation of Grameen Kalyan as the dedicated organisation to utilise the interest income.
Grameen Kalyan was created by the Grameen Bank board (Board Decision 42.8, dated April 25, 1996) in 1996 for the benefit of the Grameen borrowers and employees (90 percent of whom come from low income families), after taking into consideration the opinion of the renowned chartered accountant firm of Bangladesh named Rahman Rahman Huq and Co of Bangladesh, affiliated partner of KPMG.
Grameen Kalyan is a not-for-profit company under company law. No individual owns any share in this company. The profit of this company is not divisible and can only be recycled into its operation to maximise its stated objectives of providing primarily healthcare and education services to Grameen Bank's members and employees.
Empowered by a board decision and executing an agreement between Grameen Bank and Grameen Kalyan under which an endowment to the extent of Taka 3917 million 014 thousand was created by simultaneous notional "transfer" of money. Grameen Kalyan was never given the control and possession of the fund. This simultaneous transfer and Grameen Bank receiving it back in the form of a loan created an opportunity to charge interest on this loan. That interest income was ear-marked to finance borrowers Social Advancement Fund (SAF) as agreed by the donors earlier within the Bank. It was a financial innovation to benefit the poor. Grameen Kalyan received 2% percent interest on the money. This money was to be used to provide education and other services to the borrowers and employees of Grameen Bank.
The programmes run by Grameen Kalyan with the interest accumulated in the SAF included:
1.0 Provide support for higher studies for the academically accomplished children's of borrowers
2.0 Scholarship programmes for the academically accomplished children's of borrowers
3.0 Provide healthcare services to the borrowers at low cost through healthcare centres in the villages. Currently it operates 51 health centres throughout the country.
4.0 Medical expense loans and assistance programmes for the employees and their family member
5.0 Provide assistance for the employees' household loan programme
The actions taken by the Board, which is comprised of nine elected representatives of Grameen Bank borrowers, and three senior representative of the government, were viewed as the best use of the funds, a way to ensure Grameen Bank would remain financially accountable for the money while still ensuring that the borrowers received the most possible benefit from donors' grants. Afterwards not only Norad's money, but the 100% of all donor's money to the extent of Taka 3,474 million 501 thousand was "transferred back", from Grameen Kalyan to Grameen Bank, although the money was always in the Grameen Bank's account. Only SAF fund money amounting to Taka 442 million 512 thousand remained with Grameen Kalyan as it was created out of the interest.
Some print and electronic media stated that Grameen Bank transferred Taka 7 billion to Grameen Kalyan which is absolutely false. Grameen Bank transferred to Grameen Kalyan Taka 3917 million 014 thousand as mentioned before and transferred back Taka 3474 million 502 thousand which is stated earlier. These can be verified through Grameen Bank's annually audited accounts.
If we convert the aforesaid amount at the prevailing exchange rate of 1996, then the 'transfer' stands at about US $ 96 million and the 'transfer back' stands at approximately US $ 85 million. Thus all the donors money was transferred back and only US $ 11 million remained with Grameen Kalyan as it was created out of interest. So the report where it mentions that Grameen Bank transferred US $ 100 million and transferred back only US $ 30 million is completely false.
All necessary entries had been made in the books of accounts of Grameen Bank to replace the transfer, though no physical fund transfer took place, as the fund was with Grameen Bank all along. The fund in question never went out of the Grameen Bank's account and the question of Professor Yunus siphoning this amount is false and baseless. All these talk about siphoning off are just empty words for sensationalism.
According to the management and board of Grameen Bank, there was no violation of any provision of the agreement with Norad. It was a matter of differing views on the subject. Norad considered it a departure from the provision of the agreement, while Grameen Bank thought it was done within the agreement. Grameen Bank did not want go into battle on this issue and so jeopardise our excellent relationship. Grameen Bank reversed its decision and restored the status quo.
The concerns brought up by Norad and the Norwegian government were treated with the utmost seriousness by Grameen Bank and Professor Yunus, and both sides worked to resolve the differing interpretations of a clause in their initial agreement and arrive at a solution in a satisfactory manner. By restoring the status quo, the matter was amicably resolved. It never came back since then. None of the parties involved felt aggrieved.
This is an excerpt from the Norwegian embassy's letter dated May 26, 1998: H.E. Ambassador Hans Fredrik Lehne and Einar Landmark write, "The Embassy highly appreciates your cooperation in solving this issue, and is pleased to have arrived at a solution which is satisfactory for Grameen Bank as well as the embassy".
Reports gave the impression that these transactions were somehow secretive. There was nothing secretive about. It was a matter of honest disagreement.
Grameen Bank's decision-making has always remained very transparent. Grameen Bank's board is always chaired by a distinguished citizen of the country appointed by the government. Government appoints two high officials as members of the board besides the Chairman. The ordinance by which Grameen Bank was created requires the Bank to be audited by two chartered accountant firms every year and submit the accounts to the government as well to the tax department. Grameen Bank also sent these reports every year to all donors. In addition, it is inspected by the central bank annually. In addition to all current statistics relating to the operation of Grameen Bank, all audited reports of the Bank, from 1983 to 2009, are displayed on its website. Moreover, Grameen Bank regularly publishes "Grameen Bank at a Glance" monthly and posts it on its website, which introduces Grameen Kalyan in the following way.
Grameen Kalyan
Grameen Kalyan (well-being) is a spin-off created by Grameen Bank. Grameen Bank created an internal fund called Social Advancement Fund (SAF) by imputing interest on all the grant money it received from various donors. SAF has been converted into a separate company to carry out its mandate to undertake social advance activities among the Grameen borrowers, such as, education, health, technology, etc".
Grameen Bank is Nobel Prize winning bank. We take pride in our transparency and our service to the poor
Reports baseless
Skies
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Bangladesh's Grameen Bank denies wrongdoing
(AFP) – 13 hours ago
http://www.google.com/hostednews/af...ocId=CNG.32042153ae46cfd89875a0e9c9b81c86.5f1
DHAKA — Bangladesh micro-lender Grameen Bank has denied any wrongdoing after Norway ordered a review of a transfer by bank founder Nobel Peace Laureate Muhammad Yunus of millions of dollars of aid money.
A documentary called "Caught in Micro Debt" and aired earlier this week on Norwegian television alleged cash was diverted from Grameen Bank, which provides small loans to the poor, to other parts of the Grameen group.
The Norwegian government has since asked aid agency Norad to "review" the transfer of nearly 100 million dollars of aid to Grameen Kalyan, a separate company which is not involved in micro-credit operations.
"There was no wrongdoing in the agreement between Grameen Bank and Grameen Kalyan," Grameen Bank said in a statement released late Friday.
The 96 million dollars of aid was transferred for tax purposes to enlarge funds available to micro-borrowers and was loaned back to Grameen Bank the same day, the statement said, dismissing reports of wrongdoing as "sensationalism".
The claims are based on a trove of letters and documents relating to the transfer, which the documentary's director Danish filmmaker Tom Heinemann said he had discovered in the Norad archives in Oslo.
The letters, which date from 1996 to 1998 -- a decade before Yunus and Grameen were awarded the Nobel Prize in 2006 -- show a conflict between the Norwegian embassy in Dhaka and Grameen Bank over the aid transfer.
When his actions were challenged in the correspondence, Yunus wrote to the head of Norad requesting the disagreement be kept quiet.
"This allegation will create a lot of misunderstanding within the government of Bangladesh. If the people, within and outside government, who are not supportive of Grameen get hold of this letter, we'll face real problem(s) in Bangladesh," he wrote, according to a copy posted online.
Following the objections by the Norwegian embassy, "all the donors money was transferred back," Grameen said in its statement, adding there was "nothing secretive about (the transaction). It was a matter of honest disagreement."
Heinemann told AFP that he had not accused Yunus of personally benefiting from the transfer.
The allegations come at a time when the micro-finance industry is already under fire both in Bangladesh, which has capped micro-lending interest rates following criticism of excessive profits, and neighbouring India.
On the Net:
The full transcript of the correspondence: http://av.bdnews24.com/file/all/Yunus.pdf
(AFP) – 13 hours ago
http://www.google.com/hostednews/af...ocId=CNG.32042153ae46cfd89875a0e9c9b81c86.5f1
DHAKA — Bangladesh micro-lender Grameen Bank has denied any wrongdoing after Norway ordered a review of a transfer by bank founder Nobel Peace Laureate Muhammad Yunus of millions of dollars of aid money.
A documentary called "Caught in Micro Debt" and aired earlier this week on Norwegian television alleged cash was diverted from Grameen Bank, which provides small loans to the poor, to other parts of the Grameen group.
The Norwegian government has since asked aid agency Norad to "review" the transfer of nearly 100 million dollars of aid to Grameen Kalyan, a separate company which is not involved in micro-credit operations.
"There was no wrongdoing in the agreement between Grameen Bank and Grameen Kalyan," Grameen Bank said in a statement released late Friday.
The 96 million dollars of aid was transferred for tax purposes to enlarge funds available to micro-borrowers and was loaned back to Grameen Bank the same day, the statement said, dismissing reports of wrongdoing as "sensationalism".
The claims are based on a trove of letters and documents relating to the transfer, which the documentary's director Danish filmmaker Tom Heinemann said he had discovered in the Norad archives in Oslo.
The letters, which date from 1996 to 1998 -- a decade before Yunus and Grameen were awarded the Nobel Prize in 2006 -- show a conflict between the Norwegian embassy in Dhaka and Grameen Bank over the aid transfer.
When his actions were challenged in the correspondence, Yunus wrote to the head of Norad requesting the disagreement be kept quiet.
"This allegation will create a lot of misunderstanding within the government of Bangladesh. If the people, within and outside government, who are not supportive of Grameen get hold of this letter, we'll face real problem(s) in Bangladesh," he wrote, according to a copy posted online.
Following the objections by the Norwegian embassy, "all the donors money was transferred back," Grameen said in its statement, adding there was "nothing secretive about (the transaction). It was a matter of honest disagreement."
Heinemann told AFP that he had not accused Yunus of personally benefiting from the transfer.
The allegations come at a time when the micro-finance industry is already under fire both in Bangladesh, which has capped micro-lending interest rates following criticism of excessive profits, and neighbouring India.
On the Net:
The full transcript of the correspondence: http://av.bdnews24.com/file/all/Yunus.pdf
Awami league has been behind younus back since day 1. They will use this propaganda so he can never join politics.
Yunus is corrupt: Hanif
Sat, Dec 4th, 2010 7:12 pm BdST
Dial 2000 from your GP mobile for latest news
Sylhet, Dec 4 (bdnews24.com) — Awami League joint general secretary Mahbub-ul-Alam Hanif has termed Muhammad Yunus a 'corrupt' and said he has no right to undermine Bangladesh abroad.
"It's proved again that he (Yunus) is a corrupt," Hanif told reporters here on Saturday, a day after the party general secretary voiced concern over the allegations of diverting nearly Tk 7 billion aid from Grameen Bank to another company.
Syed Ashraful Islam, also the local government minister, on Friday said, "Humiliation of Yunus also brings bad name for the country since he is an internationally renowned person."
After a rally organised by Jatiya Sramik League at Registry Maidan, Hanif said the government has taken up the matter seriously and is investigating it.
"The government won't step back to take steps against him (Yunus) if the allegation brought against him found correct."
On Yunus' efforts to enter politics during the military-backed caretaker government, he said, "Prime minister Sheikh Hasina branded Yunus as a 'loan shark' when he had tried to step into politics in 2007."
Referring to cantonment house row, Hanif described Khaleda her as 'greedy'.
"The opposition leader caused sufferings to the people by calling hartal over the house issue," he added.
bdnews24.com/corr/mi/ost/pks/mr/1844h
Yunus is corrupt: Hanif
Sat, Dec 4th, 2010 7:12 pm BdST
Dial 2000 from your GP mobile for latest news
Sylhet, Dec 4 (bdnews24.com) — Awami League joint general secretary Mahbub-ul-Alam Hanif has termed Muhammad Yunus a 'corrupt' and said he has no right to undermine Bangladesh abroad.
"It's proved again that he (Yunus) is a corrupt," Hanif told reporters here on Saturday, a day after the party general secretary voiced concern over the allegations of diverting nearly Tk 7 billion aid from Grameen Bank to another company.
Syed Ashraful Islam, also the local government minister, on Friday said, "Humiliation of Yunus also brings bad name for the country since he is an internationally renowned person."
After a rally organised by Jatiya Sramik League at Registry Maidan, Hanif said the government has taken up the matter seriously and is investigating it.
"The government won't step back to take steps against him (Yunus) if the allegation brought against him found correct."
On Yunus' efforts to enter politics during the military-backed caretaker government, he said, "Prime minister Sheikh Hasina branded Yunus as a 'loan shark' when he had tried to step into politics in 2007."
Referring to cantonment house row, Hanif described Khaleda her as 'greedy'.
"The opposition leader caused sufferings to the people by calling hartal over the house issue," he added.
bdnews24.com/corr/mi/ost/pks/mr/1844h
AL official policy at present may not be same as it was before. Read the post below:
GRAMEEN CONTROVERSY No 'fault' if there was understanding: Muhith | Bangladesh | bdnews24.com
GRAMEEN CONTROVERSY
No 'fault' if there was understanding: Muhith
Sat, Dec 4th, 2010 10:42 pm
Dhaka, Dec 4 (bdnews24.com) Finance minister A M A Muhith has said he sees no 'fault' in the diversion of Tk 7 billion aid from Grameen Bank to another company if the bank's claim of 'understanding' in this regard with the Norwegian government is true.
Muhith, after a discussion in the capital on Saturday, said, "Grameen Bank has already given its statement, which claims that there was an understanding long time ago between the bank and the Norwegian government."
"I see no fault in the transfer of fund if the claim is true," he added.
Norway's national TV NRK aired a documentary on November 30 titled "Fanget i Mikrogjeld" or "Caught in Micro debt", based on which bdnews24.com ran a report on December 1.
According to the documentary, Nobel laureate Yunus transferred the money to Grameen Kalyan, which was in no way involved with microcredit operations.
Responding to the allegations, Grameen Bank claimed there was no wrongdoing in the agreement between the bank and Grameen Kalyan under which it received Tk 3,917 million from the bank.
"Decisions were taken by the Grameen Bank Board, with due deliberation, good faith, and with good intentions to benefit the poor," the rejoinder said.
BanglaBhoot
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If there was an understanding why have the Norwegians made the allegations? These are just more of AL tricks. My friends wife worked at the Norwegian Embassy at the time all this happened (1996-1998) and she says there are a lot of truth in the allegations.
integra
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Most of the political parties hate him for some weird reason maybe because they don't get as much international exposure as him. Still bankers are bankers you can't do business without them. You love'em or hate'em thats the reality. There are far more corrupt people and political personnels than him who are shouting against this guy why don't they look into the mirror.
Gonjo
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First it seemed the AL was against Dr. Yunis. And, its leader Hasina was one of harsh critic of Dr. Yunis. But in last few days, govt sided with Dr. Yunis smartly. Today prothom-alo published the Financial Minister openly supported Dr. Yunis's position. Also, most newspaper was reluctant to publish news against him also been curious on the activities of telenor.
In everywhere in Bangladesh this is a hot-topic for discussion, not a debate. And, everyone has suspicion over the dirty work of telenor and Norwegian govt side.
In everywhere in Bangladesh this is a hot-topic for discussion, not a debate. And, everyone has suspicion over the dirty work of telenor and Norwegian govt side.
BanglaBhoot
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If AL is siding with Yunus that means there is likely to be more disclosures against him or the AL are trying to co-opt him. The AL are very clever.
BanglaBhoot
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Deceive the poor, you will be exposed: PM
Dhaka, Dec 5 (bdnews24.com) Prime minister Sheikh Hasina has said one has to answer at some point, if one goes on sucking the blood of the poor. She made the comments regarding allegations against Muhammad Yunus of 'siphoning foreign aid from Grameen Bank to another fund'.
"Bangladesh has set many examples. Deceiving people by siphoning their money is another such example. This is nothing but sucking out money from the people after giving them loans. No improvement of the poor has taken place. They were just used as pawns to get more aids," the prime minister commented while speaking at an opinion exchange meeting with reporters at her official residence Ganabhaban on Sunday.
"The people of Bangladesh have been used as guinea pigs. I have never supported that. And now I protest.
Naimul Islam, editor of Amader Shomoy, said, "Initially the government had 60 percent share of the Grameen Bank which now have came down to 25 percent. It seems like Yunus wanted to empty the government exchequer, if possible. The government, however, did not let that happen."
He also asked whether the government will investigate into the allegation raised against Dr Yunus and Grameen Bank.
Responding to the query, the prime minister said, "Grameen Bank had been grabbed in such a manner as if it was a private property. This should also be investigated. Poor people are becoming destitute. They have been tricked by sweet nothings. Finally, things are coming out in the open."
Hasina likened Khaleda Zia's 'love' for her cantonment house with Yunus' 'love' for his Grameen Bank and said, "Grameen Bank is a public property. But it is being privatised out of 'love'. Yunus Sahib has fallen in love with Grameen Bank."
"One cannot but get caught if played with the money of the poor," she added.
Norway's national TV NRK aired a documentary on November 30 titled "Fanget i Mikrogjeld" or "Caught in Micro debt", based on which bdnews24.com ran a report on December 1.
According to the documentary, Nobel laureate Yunus transferred the money to Grameen Kalyan, which was in no way involved with microcredit operations.
Responding to the allegations, Grameen Bank claimed there was no wrongdoing in the agreement between the bank and Grameen Kalyan under which it received Tk 3,917 million from the bank.
"Decisions were taken by the Grameen Bank Board, with due deliberation, good faith, and with good intentions to benefit the poor," the rejoinder said.
Awami League joint general secretary Mahbub-ul-Alam Hanif on Dec termed Muhammad Yunus as 'corrupt' and said Yunus had no right to ruin Bangladesh's abroad. While the Awami League general secretary Syed Ashraful Islam expressed his worries over the issue.
On the same day at another function, Finance minister A M A Muhith said he sees no 'fault' in the diversion of Tk 7 billion aid from Grameen Bank to another company if the bank's claim of 'understanding' in this regard with the Norwegian government was true.
When the prime minister's attention was attracted to the differing comments made by her party stalwarts, Sheikh Hasina replied, "We want Bangladesh's image to brighten abroad. The finance minister also wanted the same while he made the comments."
GRAMEEN CONTROVERSYDeceive the poor, you will be exposed: PM | Bangladesh | bdnews24.com
Dhaka, Dec 5 (bdnews24.com) Prime minister Sheikh Hasina has said one has to answer at some point, if one goes on sucking the blood of the poor. She made the comments regarding allegations against Muhammad Yunus of 'siphoning foreign aid from Grameen Bank to another fund'.
"Bangladesh has set many examples. Deceiving people by siphoning their money is another such example. This is nothing but sucking out money from the people after giving them loans. No improvement of the poor has taken place. They were just used as pawns to get more aids," the prime minister commented while speaking at an opinion exchange meeting with reporters at her official residence Ganabhaban on Sunday.
"The people of Bangladesh have been used as guinea pigs. I have never supported that. And now I protest.
Naimul Islam, editor of Amader Shomoy, said, "Initially the government had 60 percent share of the Grameen Bank which now have came down to 25 percent. It seems like Yunus wanted to empty the government exchequer, if possible. The government, however, did not let that happen."
He also asked whether the government will investigate into the allegation raised against Dr Yunus and Grameen Bank.
Responding to the query, the prime minister said, "Grameen Bank had been grabbed in such a manner as if it was a private property. This should also be investigated. Poor people are becoming destitute. They have been tricked by sweet nothings. Finally, things are coming out in the open."
Hasina likened Khaleda Zia's 'love' for her cantonment house with Yunus' 'love' for his Grameen Bank and said, "Grameen Bank is a public property. But it is being privatised out of 'love'. Yunus Sahib has fallen in love with Grameen Bank."
"One cannot but get caught if played with the money of the poor," she added.
Norway's national TV NRK aired a documentary on November 30 titled "Fanget i Mikrogjeld" or "Caught in Micro debt", based on which bdnews24.com ran a report on December 1.
According to the documentary, Nobel laureate Yunus transferred the money to Grameen Kalyan, which was in no way involved with microcredit operations.
Responding to the allegations, Grameen Bank claimed there was no wrongdoing in the agreement between the bank and Grameen Kalyan under which it received Tk 3,917 million from the bank.
"Decisions were taken by the Grameen Bank Board, with due deliberation, good faith, and with good intentions to benefit the poor," the rejoinder said.
Awami League joint general secretary Mahbub-ul-Alam Hanif on Dec termed Muhammad Yunus as 'corrupt' and said Yunus had no right to ruin Bangladesh's abroad. While the Awami League general secretary Syed Ashraful Islam expressed his worries over the issue.
On the same day at another function, Finance minister A M A Muhith said he sees no 'fault' in the diversion of Tk 7 billion aid from Grameen Bank to another company if the bank's claim of 'understanding' in this regard with the Norwegian government was true.
When the prime minister's attention was attracted to the differing comments made by her party stalwarts, Sheikh Hasina replied, "We want Bangladesh's image to brighten abroad. The finance minister also wanted the same while he made the comments."
GRAMEEN CONTROVERSYDeceive the poor, you will be exposed: PM | Bangladesh | bdnews24.com
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