Prof Yunus makes a strong defence of GB 'fund transfer'
Monday, 13 December 2010
FE Report
Nobel laureate Professor Dr. Muhammad Yunus Sunday said there might have been some 'enthusiasm' on the part of certain quarters or individuals, instead of any conspiracy, in fabricating the news published in the local dailies that alleged that he had diverted foreign funds in an irregular manner and embezzled money.
Dr Yunus stated that the Grameen Bank (GB) is a transparent institution and he gets no extra benefit from any other wings of it, except salary and allowances as Managing Director of the organisation.
"I do not believe that any conspiracy was there to distort the actual news, thus demeaning me and belittling Grameen Bank," Yunus, who shared the Nobel Peace Prize with Grameen Bank in 2006, told reporters at a media briefing at the Bank's headquarters in the capital.
"Rather, certain quarters or individuals might have been enthusiastic about fuelling the controversy," he said.
He ruled out any legal action against the media reports that he had embezzled Tk 7.0 billion.
Prof Yunus, founder of GB, said he was saddened to see such 'irresponsible news' in the Bangladesh media.
The pioneer of micro-credit in his written speech said National Norwegian Television in its documentary did not come up with any allegation of corruption against Grameen Bank. It only highlighted the deviation in the bank's operation in transferring funds from one institution to another bypassing the set criteria of Norad (Norwegian Agency for Development Cooperation) while using the funds.
The documentary, titled "Fanget i Mikrogjeld" or "Caught in Micro Debt", was aired on November 30 on the National Norwegian Television, NRK.
The documentary alleged that Grameen Bank transferred about $100 million it received from donors to Grameen Kalyan in 1996 and then got back the money as loan in breach of the agreement. However, the Norwegian government and NORAD, the government agency of Norway for International Development Cooperation, stated later that there was no diversion of fund, as reported in the documentary. And the matter was earlier resolved as far back as 1996.
Dr Muhammad Yunus said at Sunday's media briefing that the transfer was effected to, by ensuring maximum transparency through responsible use of the Bank's revolving fund.
"That was an 'honest disagreement' between GB and Norad, but never prompted by any dishonest intention by Grameen Bank," Dr Yunus told the briefing.
"No intention of corruption or embezzlement was there," he added.
Dr Yunus said GB has succeeded in establishing itself as an institution of pride for the nation.
"I would like to assure the people that Grameen Bank is an honest institution and our effort is always there to keep the institution free of corruption," the micro-credit pioneer asserted at the conference.
He said he does not get any benefit from other institutions created by himself, but from GB as its Managing Director.
"I have no ownership of any institution under the umbrella of Grameen family," the Nobel laureate told the briefing.
He said he is not interested to engage in legal battle against anybody for the alleged attempt to sully his and GB's image.
"Rather, I urge everybody to get united against poverty," he added.
Upon being asked, Dr Yunus said he had no comment on Prime Minister Sheikh Hasina for her remarks against him.
"She made the remarks on her own consideration," Yunus said.
Asked about the transfer of funds to Grameen Kalyan, he said there was no attempt to evade tax.
Yunus ruled out any political motive in the recent propaganda against him. He also brushed aside any possibility of his becoming the owner of any newspaper or any form of the media.
He said the rate of interest of Grameen Bank is 20 per cent at the highest slab, which, he claimed, was much lower than many non-government organisations.
UNB adds: Professor Yunus claimed that there was nothing objectionable to the fund transfer of the Grameen Bank while stating that the matter was settled down long ago.
"I transferred the fund for the same purpose for which it was received from the donor agency and it was for the welfare of the poor," he said.
He firmly asserted that the report about the Grameen Bank that was broadcast and published was baseless.
"I am not interested to fight against anyone, I want to do my work, and we've to be united to solve our problems as we have so many problems in the country. Let us step forward,' he said responding to a query whether he would go for any legal battle over it.
About the Prime Minister's remarks against him, the Nobel Peace Prize winner said that he was "not interested to make any comment and the Prime Minister made the remarks on her own judgment."
About the allegation of avoiding tax, he said what was done was under the existing rules and regulations and "there is nothing illegal there".
Responding to a question Yunus said that he did not think that there is any provocation from Telenor or any conspiracy from political arena for publishing such a piece of news.
bdnews24.com reports: In his written statement to the media personnel, Yunus told the briefing, "I was hurt by what was published in a some sections of the media. I've appeared before you to express my sorrow."
Asked whether he has any desire of getting himself involved in politics, Prof Yunus, initiator of political party Nagarik Shakti, which does not exist any more, said in a lighter vein, "A bald-headed man goes under a shelled-fruit (akin to wood apple) tree once in a lifetime."
About the issue of alleged money transfer, Prof Yunus said: "Money from all the donor agencies, including CIDA, was taken on approval from the Bangladesh Bank. The Bangladesh Bank also did not raise objection to the fund transfer."
Professor Yunus faced numerous questions from the members of the media, but was calm and composed to make response to them.
Professor Yunus said that the media should to be careful before 'punishing the nation' as it was the case with the recent reports on Grameen Bank.
High Officials from Grameen Bank and its sister concerns were present at the media briefing.
Nobel laureate Professor Dr. Muhammad Yunus Sunday said there might have been some 'enthusiasm' on the part of certain quarters or individuals, instead of any conspiracy, in fabricating the news published in the local dailies that alleged that he had diverted foreign funds in an irregular manner and embezzled money.
Dr Yunus stated that the Grameen Bank (GB) is a transparent institution and he gets no extra benefit from any other wings of it, except salary and allowances as Managing Director of the organisation.
"I do not believe that any conspiracy was there to distort the actual news, thus demeaning me and belittling Grameen Bank," Yunus, who shared the Nobel Peace Prize with Grameen Bank in 2006, told reporters at a media briefing at the Bank's headquarters in the capital.
"Rather, certain quarters or individuals might have been enthusiastic about fuelling the controversy," he said.
He ruled out any legal action against the media reports that he had embezzled Tk 7.0 billion.
Prof Yunus, founder of GB, said he was saddened to see such 'irresponsible news' in the Bangladesh media.
The pioneer of micro-credit in his written speech said National Norwegian Television in its documentary did not come up with any allegation of corruption against Grameen Bank. It only highlighted the deviation in the bank's operation in transferring funds from one institution to another bypassing the set criteria of Norad (Norwegian Agency for Development Cooperation) while using the funds.
The documentary, titled "Fanget i Mikrogjeld" or "Caught in Micro Debt", was aired on November 30 on the National Norwegian Television, NRK.
The documentary alleged that Grameen Bank transferred about $100 million it received from donors to Grameen Kalyan in 1996 and then got back the money as loan in breach of the agreement. However, the Norwegian government and NORAD, the government agency of Norway for International Development Cooperation, stated later that there was no diversion of fund, as reported in the documentary. And the matter was earlier resolved as far back as 1996.
Dr Muhammad Yunus said at Sunday's media briefing that the transfer was effected to, by ensuring maximum transparency through responsible use of the Bank's revolving fund.
"That was an 'honest disagreement' between GB and Norad, but never prompted by any dishonest intention by Grameen Bank," Dr Yunus told the briefing.
"No intention of corruption or embezzlement was there," he added.
Dr Yunus said GB has succeeded in establishing itself as an institution of pride for the nation.
"I would like to assure the people that Grameen Bank is an honest institution and our effort is always there to keep the institution free of corruption," the micro-credit pioneer asserted at the conference.
He said he does not get any benefit from other institutions created by himself, but from GB as its Managing Director.
"I have no ownership of any institution under the umbrella of Grameen family," the Nobel laureate told the briefing.
He said he is not interested to engage in legal battle against anybody for the alleged attempt to sully his and GB's image.
"Rather, I urge everybody to get united against poverty," he added.
Upon being asked, Dr Yunus said he had no comment on Prime Minister Sheikh Hasina for her remarks against him.
"She made the remarks on her own consideration," Yunus said.
Asked about the transfer of funds to Grameen Kalyan, he said there was no attempt to evade tax.
Yunus ruled out any political motive in the recent propaganda against him. He also brushed aside any possibility of his becoming the owner of any newspaper or any form of the media.
He said the rate of interest of Grameen Bank is 20 per cent at the highest slab, which, he claimed, was much lower than many non-government organisations.
UNB adds: Professor Yunus claimed that there was nothing objectionable to the fund transfer of the Grameen Bank while stating that the matter was settled down long ago.
"I transferred the fund for the same purpose for which it was received from the donor agency and it was for the welfare of the poor," he said.
He firmly asserted that the report about the Grameen Bank that was broadcast and published was baseless.
"I am not interested to fight against anyone, I want to do my work, and we've to be united to solve our problems as we have so many problems in the country. Let us step forward,' he said responding to a query whether he would go for any legal battle over it.
About the Prime Minister's remarks against him, the Nobel Peace Prize winner said that he was "not interested to make any comment and the Prime Minister made the remarks on her own judgment."
About the allegation of avoiding tax, he said what was done was under the existing rules and regulations and "there is nothing illegal there".
Responding to a question Yunus said that he did not think that there is any provocation from Telenor or any conspiracy from political arena for publishing such a piece of news.
bdnews24.com reports: In his written statement to the media personnel, Yunus told the briefing, "I was hurt by what was published in a some sections of the media. I've appeared before you to express my sorrow."
Asked whether he has any desire of getting himself involved in politics, Prof Yunus, initiator of political party Nagarik Shakti, which does not exist any more, said in a lighter vein, "A bald-headed man goes under a shelled-fruit (akin to wood apple) tree once in a lifetime."
About the issue of alleged money transfer, Prof Yunus said: "Money from all the donor agencies, including CIDA, was taken on approval from the Bangladesh Bank. The Bangladesh Bank also did not raise objection to the fund transfer."
Professor Yunus faced numerous questions from the members of the media, but was calm and composed to make response to them.
Professor Yunus said that the media should to be careful before 'punishing the nation' as it was the case with the recent reports on Grameen Bank.
High Officials from Grameen Bank and its sister concerns were present at the media briefing.