‘Prof Yunus granted Tk95m loan to a family firm’
Reads a complaint lodged by Grameen Bank with ACC
FE REPORT | Monday, 27 May 2024
The authorities of Grameen Bank have lodged a corruption allegation against its founder Noble Laureate Prof Dr Muhammad Yunus.
They have submitted a complaint with the Anti-Corruption Commission (ACC) against Prof Yunus that the founder of the bank had granted a loan of about Tk95 million to an organisation owned by his family members violating relevant rules and regulations.
A team of Grameen Bank headed by its Deputy Managing Director Pradeep Kumar Saha submitted the application on behalf of the bank's board of directors.
During a briefing, Pradeep Kumar Saha said in the 90s', when Prof Yunus was the Managing Director of Grameen Bank, Packages Corporation Limited, an organisation owned by his family members, was given a loan of about Tk95 million without adhering to the rules and regulations.
In addition, Mr Yunus also gave printing-related works to the family-owned business without a tender.
He hoped that the ACC would investigate the irregularities and corruption and take action against him.
Meanwhile, a press release signed by the managing director of the bank Nur Mohammad said Prof Yunus as the then Managing Director of Grameen Bank had been giving illegal benefits to his family printing firm Packages Corporation since 1990 by abusing his power.
The information emerged in the comprehensive audit reports of Finance Ministry and Bangladesh Bank's listed audit firm.
By violating Grameen Bank's procurement policy, he and his family took huge financial benefits by giving work orders to the family company to print printing materials worth billions of taka of the bank at high prices.
According to the Grameen Bank Ordinance 1983, loan facilities are limited to landless poor borrowers, but Mr Yunus broke the law and provided loans to his family firm Packages Corporation.
Later, when the company failed to repay the loan, he misused the power and got a significant amount of unpaid money waived by the bank, read the press release.
Without informing the board of directors, Mr Yunus entered into a 'managing agent' agreement with Packages Corporation, which was against the benefit of the bank.
He also appointed some officers and employees of the bank to the Packages Corporation and used the Grameen Bank office free of charge for the purpose of conducting the activities of the organisation.