'Seven entities of Grameen Bank taken over as per law'

Seven entities housed at Grameen Telecom Bhaban have been taken over in accordance with law, Grameen Bank chairman AKM Saiful Majid has said.

"Nobel Laureate Dr Muhammad Yunus doesn't hold any ownership or share in these entities," he told a press conference at the Grameen Bank office at Mirpur in Dhaka on Saturday (February 17, 2024).

At a press conference on Thursday last, Dr Yunus alleged that Grameen Bank had forcefully taken control of their eight entities, which he had established with the profits from his business.

Grameen Bank convened the counter press conference on Saturday to reply to Yunus' allegations.

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

He alleged that they have the evidence that Dr Yunus had laundered money.

The Grameen Bank chairman said they conducted an audit over the last seven months, and found that Dr Yunus had siphoned off billions of takas from Grameen Bank to set up the entities like Grameen Telecom, Grameen Kalyan, and Grameen Fund.

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

Majid noted that Grameen Kalyan and Grameen Telecom were established in the 90s, but there is now no financing information available for these entities as many records have been removed or destroyed.

He contested as 'incorrect' Dr. Yunus' allegation that eight entities had been forcibly taken over.

At the 42nd Grameen Bank Board of Directors' meeting itself, it was decided under the Company Act of 1996 that Grameen Kalyan would be established, allowing Grameen Bank to nominate the chairman of Grameen Kalyan.

Majid said that Dr Yunus took Tk 447 crore for establishing Grameen Kalyan and Tk 24 crore for Grameen Telecom from Grameen Bank without returning any interest or dividends.

He explained that letters were sent to take control of seven entities established with Grameen Bank's funds. These letters were sent to Grameen Kalyan, Grameen Telecom, Grameen Fund, Grameen Matsya Fund, Grameen Udyog, Grameen Samgri, and Grameen Shakti. Of these, three entities have received nominations for chairman and director positions.

Rejecting Dr Yunus' claim of 'eight entities', he said it is seven, not eight. And in none of these entities does Dr Yunus hold any share or ownership.

The Grameen Bank chairman 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, all done in accordance with the law governing these Grameen Bank-established entities.

Grameen Bank managing director Noor Mohammad, director Mohammad Zubayer and legal adviser Masud Akhter, among others, was present at the press conference.