Dr Yunus has no share or ownership in Grameen Bank-created entities

Prof Dr Muhammad Yunus does not have any share or ownership in the organisations created with the money of Grameen Bank (GB), says the bank's chairman, Professor Dr AKM Saiful Majid, on Saturday.

In a press conference organised at Grameen Bank head office in the capital's Mirpur, the GB chairman said they have taken control of seven organisations by appointing directors and following all rules and laws of the land.

"These actions are in full compliance with the rules of the Grameen Bank-created organisations as well as the laws of the land…I want to assure you that no illegal or arbitrary steps have been taken regarding these actions and appointments," he said at the press briefing in reply to the allegations against Grameen Bank brought by the Nobel laureate.

He said following the appointment of directors on February 12 at the 155th board meeting of Grameen Bank, Dr Yunus will be removed from the position of chairman in these companies.

The Grameen Bank chairman claimed that they have evidence indicating that significant sums of money have been illicitly laundered abroad from the Grameen Bank.

"We are auditing further and will come out later with detailed information," he said.

The seven organisatios are: Grameen Kallyan, Grameen Telecom, Grameen Fund, Grameen Motso Foundation, Grameen Uddog, Grameen Samogree, and Grameen Shokti.

"We learned through studies and researches that these seven and many other organisations, as many as 52, have been established through the initiatives, arrangements, financing, support and guidance of the Grameen Bank," said Chairman Dr AKM Saiful Majid adding that these organisations could be created and effective only because of various direct and indirect supports of Grameen.

Mr Majid said, "Mr Yunus did not establish these enterprises from profit, which he claimed; rather he shifted money from Grameen Bank."

"We have found these from the audit of the last seven months," he also said.

He alleged that much information of Grameen Telecom, Grameen Kalyan which was set up in the 90s was either destroyed or entirely wiped off from record.

The GB chairman said Grameen Kalyan was formed in 1996 at the 42nd meeting of the Board of Directors of Grameen Bank in the light of Companies Act. Article 48 of the Articles of Association states that Grameen Bank can nominate the chairman of Grameen Kalyan.

He claimed that Dr Yunus took Tk 4.47 billion from Grameen Bank while establishing Grameen Kalyan.

"During establishment of Grameen Telecom, Yunus took a donation of Tk 240 million from Grameen Bank, but Grameen Telecom has so far not paid any amount towards interest and dividend to Grameen Bank," he said.