Dr. Yunus purged from Grameen Bank

[Sohel]

There's a good chance the Supreme Court will end the purge on "equitable treatment" grounds. Let's wait and see.

Sadly, Dr. MoYu is being represented by Edbhoket Kamrujjaman MahBOOB, the most inept of Dr. KaHo's aging juniors, a former BCL leader from RU, and corrupt to the core. Hopefully Dr. KaHo himself or his daughter Sarah would argue the case once it reaches the SC. This ain't over yet Salman-Telenor!

[Ashraf-FTP]

As sad as the news is something cracked me up. After I told the news to my mom she said that Hasina did this just cause she wants to be the pres. of GB :P, LMAO.

This was bound to happen though. Thats why sane people should never get involved in the dirty politics of BD, ever To change politics, people have to change, and there really is no sign of that. Only if our people were as brave and intelligent as the Egyptians or Libyans...

[Sohel]

Originally Posted by Ashraf-FTP
To change politics, people have to change, and there really is no sign of that. Only if our people were as brave and intelligent as the Egyptians or Libyans...

Been there and done more.

Assuming you have Bangladeshi blood of the non-Razakar variety, a little history lesson will do that self-loathing, also exemplified by your avatar at this time, a LOT of good. Ever heard of 1952, 1969, 1971 or 1991 buddy? I am proud to be one of "our" people and won't be insulted by the type of BS coming out of your keyboard without firing back.

Resilience is also bravery and I'd love to see how resilient you are making less than $1.25 a day and living in hell. That's what the cowardly and the unintelligent of my country do. They don't tolerate dictatorships even for a decade, unlike your heroes in North Africa. I think you're projecting your own lack of virtue on the rest of us, all 160 million of us minus a few like you.

Let's see how the Egyptians and Libyans (with their oil) manage relatively peaceful and regular transfer of power through free and fair elections for 20 straight years, successfully neutralize Islamist/Khariji terrorism, and sustain a healthy economic growth in spite of all the issues that mitigate our potential, not to mention our limited natural resources. Then we'll talk.

[Kabir]

Baap re...Sohel bhai chetse....mama elo lathi niye palai palai palai!!!

But, i agree with everything you said there Sohel bhai

[HereWeGo]

http://bdnews24.com/details.php?cid=2&id=188759&hb=top

Bank flouted norms, admits GB chairman

I guess this is another of "Ekushey TV" like incident. Governement had to settle dispute in a childish way, hence searched and found a loophole and implemented the vengence.... FACEPALM

I always felt that Yunus deserves respect more than most citizens and government should have made an exception to the rule with Yunus..

[Alien]

Originally Posted by Ehsan
This is very sad. I still wonder why people would elect Hasina or Khaleda.

Because that pretty much the only 2 choices you have every election for past 20 years.

[bujhee kom]

My dear Sohel bhai, I apologise for our Ashraf, I know he didn't mean to say it like that, he failed to express him properly here, please forgive him. But Sohel bhai is absolutely right on he said. Right on.

And shame on this government!

[Naimul_Hd]

This video is off-topic, but its worth sharing.

Tom Heinemann's documentary "Caught in Micro Debt" falsely alleges that he talked to her daughter, and that she died. Filmmaker Gayle Ferraro takes a trip to Jobra, Bangladesh, to seek what really happened to Sophia Begum, the famous bamboo stool maker whom Muhammad Yunus writes about in his books.

[PoorFan]

This shameless BAL govt. move will eventually bring down Hasina & gong someday. There could be more respectable way to handle him.

[cricket_pagol]

Originally Posted by Naimul_Hd
This video is off-topic, but its worth sharing.

Tom Heinemann's documentary "Caught in Micro Debt" falsely alleges that he talked to her daughter, and that she died. Filmmaker Gayle Ferraro takes a trip to Jobra, Bangladesh, to seek what really happened to Sophia Begum, the famous bamboo stool maker whom Muhammad Yunus writes about in his books.

~ embedded video ~

Wow, this is great stuff! Finally, someone decided to do a bit of reporting!

[ammark]

The most frustrating thing about this is how no one in Bangladesh in any position of influence has the balls to stand up for their beliefs.

Where is our "Krishi-governor" Bangladesh Bank governor Dr. Atiur Rahman, himself a great bhokta of Dr. Yunus, GrameenBank and microcredit, standing up for his peer? Not a whimper from him about the drivel coming from his deputies!

And Mr.AMA Muhit has demonstrated clearly that he lacks balls when it really counts. He is untouchable as a leader of AL and as Finance Minister. If he resigned, AL would really know what is wrong. But unfortunately Mr.Muhit has chosen to remain the gimp to his mistress.

Shameful!

I'm sorry Sohel Bhai, but until we stand up against tyranny, I can't be hopeful of our future. Our governance system is not democracy but one of sycophancy and authoritarian tyranny against all that is just and good in the world; and especially against the innocent and the weak. Those religiously inclined should note that the Dajjal manifests himself in these ways.

[cricket_pagol]

Originally Posted by ammark
The most frustrating thing about this is how no one in Bangladesh in any position of influence has the balls to stand up for their beliefs.

Where is our Krishi-bondhu Bangladesh Bank governer Dr. Atiur Rahman, himself a great bhokta of Dr. Yunus, GrameenBank and Microcredit standing up for his peer?

And Mr.AMA Muhit has demonstrated clearly that he lacks balls when it really counts. He is untouchable as a leader of AL and as Finance Minister. If he resigned, AL would really know what is wrong. But unfortunately Mr.Muhit has chosen to remain the gimp to his mistress.

Shameful!

Muhit helped grameen in it's infancy, so he is a long time friend of grameen. So it is definitely sad that he doesn't have the balls to stand up for Grameen. Most of our intellectuals are political tools.

[Equinox]

I think this is a blessing in disguise because it will end up going against Hasina. Just wait and watch. It will be a major embarrassment for Hasina and Bangladeshi politicians and politics in general.

From the Economist:

But Mr Yunus has many supporters, both within Bangladesh and outside it. Several Bangladeshi economists have sprung to his defence, making the reasonable point that any transition should be orderly so as not to harm Grameen. Friends of Grameen, a voluntary organisation headed by Mary Robinson, a former president of Ireland and ex-head of the UN’s human-rights agency, denounced what it called “the new attempt of destabilisation against Professor Yunus”. According to reports in the Bangladeshi press, the issue of the government’s treatment of Mr Yunus has led America to threaten to suspend all high-level diplomatic contact.

[oracle]

Does'nt matter cause they i.e "politicians" have no shame.

[HereWeGo]

http://bdnews24.com/details.php?cid=3&id=189084&hb=top

Massive Yunus fraud: Sajeeb
Dhaka, Mar 6 (bdnews24,com) —The prime minister's son has defended the government sacking Grameen Bank managing director Muhammad Yunus over 'unapproved' reappointment.

In an email obtained by bdnews24.com, Sajeeb A Wazed, who also advises Sheikh Hasina, made available some facts from the government side.

The Bangladesh Bank last week ordered the removal of Yunus as Grameen Bank head, saying that his reappointment did not have its approval and that he has been managing director illegally since 1999.

Yunus has gone to court for his reinstatement.

Sajeeb Wazed sought to dispel the popular perception that Yunus founded Grameen Bank and claims that Hasina has a personal vendetta against the embroiled Nobel Peace Prize winner.

"(In fact) the Government of Bangladesh did. Initially, the government owned 65 percent of Grameen Bank, which was whittled down over the years by Yunus. The government still owns 25 percent of Grameen Bank and retains the right to veto management appointees."

Sajeeb said last year 'massive financial improprieties at Grameen Bank under Yunus' came to the fore through the Norwegian state television.

It uncovered documents revealing nearly US $100 million in donor funds to Grameen Bank were transferred out of Grameen Bank to a private corporation, Grameen Kalyan, set up by Yunus.

"The government of Norway raised this as a major concern and as a compromise $30 million was returned. The remaining approximately $70 million was never returned. All correspondence in this regard was from Yunus himself."

Sajeeb, who is based in Virginia, US, referred to a copy of the letters from the bdnews24.com website and a translation of Norwegian television NRK's 'response to the Norwegian government's recent review of this incident where the Norwegian government cleared Grameen Bank of any wrongdoing.

"Just as international lobbying and media are being used in this recent incident, no doubt Yunus lobbied the Norwegian Government as well. However, their explanation left millions of dollars unaccounted for," the advisor wrote in the email.

The government was forced to form an independent committee to investigate this major issue, he added.

"Yunus personally gave a press statement (no questions were allowed) where he announced that he undertook these transfers to avoid taxes, which constitutes tax evasion.

"However, this makes no sense since Grameen was at the time a non-profit organisation and paid no taxes. What is clear is that this transfer is completely illegal and constitutes a criminal offence of "conversion" under Bangladesh law," Sajeeb Wazed asserted.

The email continued: "Further investigation uncovered other fraud, improprieties and illegal activity at Grameen Bank under Yunus. These include:

"Between 1998 and 2002 all microloan borrowers were forced to pay an additional amount labeled "forced savings" which they were supposed to be paid back.

"However, this money was never returned to the borrowers, who are among the poorest of society!

"This is fraud and theft."

Secondly, the advisor said, donor funds were used to invest in a variety of private sector for profit ventures, all without approval from either the donors or the government, which owns 25 percent of Grameen Bank.

"In several cases, the equity in these private ventures was held not by Grameen Bank, but by Yunus and his family members personally. This is completely illegal and constitutes embezzlement."

Sajeeb went on: "Loans were made by Grameen Bank to some of these corporations, which is completely illegal since Grameen Bank is not a regular bank. It is lending donor funds and is only allowed to loan to microcredit borrowers."

"Grameen Bank charges up to 30 percent in interest rate on loans and up to an additional 10 percent in "forced savings" to the poorest sections of society.

The email read, "Their collection methods are draconian and collection officers who fail to collect payment have the uncollected amounts deducted from their pay.

"There are many documented cases which constitute abuse and the criminal offence of "molestation" under Bangladesh law.

"Since the financial improprieties surfaced in the media, some of these victims finally gained the confidence to sue Grameen Bank and Yunus.

Sajeeb pointed out that despite the hype, there is no evidence that microcredit has, in fact, reduced the rolls of the poor in Bangladesh.

"Grameen Bank has been in the microcredit business for 30 years, yet Bangladesh remains one of the poorest countries in the world.

"Furthermore, the private sector investments made using Grameen Bank money have become quite profitable.

"Grameen Phone is by far the largest telecommunications operator in Bangladesh with a subscriber base of 28 million, annual revenue of over US $1 billion and profits of several hundred million dollars per year.

"Grameen Bank owns 35 percent equity in Grameen Phone, so why do they have to charge such high interest rates to the poor?"

Sajeeb added in the email "still, given his stature as a Nobel Prize winner, the government of Bangladesh requested that Yunus to step down quietly from the post of managing director of Grameen Bank.

"He refused and has engaged in an international lobbying campaign accusing our government and in particular prime minister Sheikh Hasina of engaging in political retribution.

"Nothing could be further from the truth," he maintained.

Yunus has no political stature in Bangladesh, according to Sajeeb.

"During the brief military regime from 2007-08, under a state of emergency with all political activities banned and most political leaders behind bars, even with the help of the military he was unable to put together a political party and garner any public support.

"Politically, he is a non-entity in Bangladesh and no threat to any political leader."

Sajeeb concluded by saying that the government has not filed any cases against Yunus, 'criminal or otherwise'.

"There is absolutely no punitive action here. Our only goal is to prevent further abuse of microcredit borrowers."

bdnews24.com/bd/2132h


I can safely say that the bolded part of the accusation put forward by Sajeeb Wajed is not entirely baseless. I say this because I remember way back before Yunus won the nobel prize, During mid-late 90's I had a private tutor who I remember telling me once that the collection officers would sometimes come and remove the tins used in constructing the house and take it with them in case the lender is unable to pay back the money. He is a witness to two such incidents. And he dispised some of these Grameen bank tactics.

[wiseshah]

hasina and her dirty insecure politics continues. i am sure whole nation will wake up soon and there will be revolution like egypt, libya and others. but india will be so sad.

[wiseshah]

i guess hasina thinks, if nobel commitee take younis's award, they might give it to hasina , because she is also from bangladesh. how pathetic thought that is.

[wiseshah]

if rabindranath tagore or kazi najrul islam were alive now, Hasina would go against them too and make them villain in public's eye

[cricket_pagol]

I can safely say that the bolded part of the accusation put forward by Sajeeb Wajed is not entirely baseless. I say this because I remember way back before Yunus won the nobel prize, During mid-late 90's I had a private tutor who I remember telling me once that the collection officers would sometimes come and remove the tins used in constructing the house and take it with them in case the lender is unable to pay back the money. He is a witness to two such incidents. And he dispised some of these Grameen bank tactics.

I am sure there is some truth to this. But, you cannot make judgement on an institution that serves 9 million borrowers based this. Just analyze the allegation regarding Sufia Begum, it was completely misreported. I know people who has met Nurannahar (sufia begum's daughter), thinking that she is the daughter of the first Grameen borrower. Now, the video evidence reveals that the people have been mislead for this whole period. Things are often, not what they appear to be...

For your case, are you absolutely sure that these people borrowed money from Grameen Bank. Did he see it on his on his own eye, or just read media reports. As far as I know, the official policy of Grameen does not encourage such behavior, but i think some branches can engage in such activities without the knowledge of central management.

Then, there are other microcredit institutions that play with rules loosely. Grameen seems to be the best behaved microcredit lender. This sector definitely needs careful regulation, I don't dispute that for a bit.

[CricketPagolChele]

Originally Posted by wiseshah
i guess hasina thinks, if nobel commitee take younis's award, they might give it to hasina , because she is also from bangladesh. how pathetic thought that is.

As our attorney genereal said " Hasina and Shonto Larma should have gotten the nobel in peace". He is asking nobel prize for two murderers for "PEACE". (joke of the century). Thats is the whole reason for the "Dr. Younus" dramma. Our PM does not know how to show respect to others.

সাংবাদিকদের অ্যাটর্নি জেনারেল

শেখ হাসিনা ও সন্তু লারমার নোবেল পাওয়া উচিত ছিল

নিজস্ব প্রতিবেদক | তারিখ: ০৯-০৩-২০১১

বাংলাদেশ থেকে শান্তিতে দুজনের নোবেল পুরস্কার পাওয়া উচিত ছিল। সে দুজন হলেন প্রধানমন্ত্রী শেখ হাসিনা আর পার্বত্য চট্টগ্রাম আঞ্চলিক পরিষদের চেয়ারম্যান জ্যোতিরিন্দ্র বোধিপ্রিয় (সন্তু) লারমা। পাবর্ত্য চট্টগ্রামে শান্তি প্রতিষ্ঠায় অবদানের জন্য তাঁদের নোবেল পাওয়া উচিত ছিল বলে মনে করেন অ্যাটর্নি জেনারেল মাহ্বুবে আলম।
গতকাল মঙ্গলবার মুহাম্মদ ইউনূস ও গ্রামীণ ব্যাংকের পরিচালকদের রিটের আদেশের পর নিজ কার্যালয়ে সাংবাদিকদের প্রশ্নের জবাবে অ্যাটর্নি জেনারেল এই মত প্রকাশ করেন।
মাহ্বুবে আলম সাংবাদিকদের বলেন, ‘আপনারা নোবেল প্রাইজটাকে এত বড় করে দেখছেন কেন? বাংলাদেশে যদি শান্তির জন্য নোবেল প্রাইজ পেতে হয়, তাহলে আমি বলব, দুজনের পাওয়া উচিত ছিল—শেখ হাসিনা আর সন্তু লারমার। কারণ একটি বিরাট এলাকা সশস্ত্র সংগ্রামে লিপ্ত ছিল। যেখানে সেনাবাহিনী ছাড়া আমাদের যাওয়ার অবস্থা ছিল না। সেখানে আজ আমরা স্বাধীনভাবে বিচরণ করছি। শান্তি ফিরে এসেছে। এই শান্তি ফিরিয়ে আনার জন্য দুজন কাজ করেছেন, শেখ হাসিনা আর সন্তু লারমা। তাঁরা নোবেল প্রাইজ পাননি বলে কি শান্তি প্রতিষ্ঠার ব্যাপারে তাঁদের যে কাজ, তা কম হয়ে যাবে?’
আরেক প্রশ্নের জবাবে মাহ্বুবে আলম বলেন, ‘নোবেল প্রাইজের সঙ্গে গ্রামীণ ব্যাংকের ব্যবস্থাপনা পরিচালক পদে থাকা না-থাকার কোনো যোগাযোগ বা যোগসূত্র নেই। নোবেল সাইটেশনে কি তিনি (ইউনূস) গ্রামীণ ব্যাংকের ব্যবস্থাপনা পরিচালক, সেটি উল্লেখ ছিল?’ অ্যাটর্নি জেনারেল বলেন, ড. ইউনূসের নোবেল ফিরিয়ে নেওয়া হবে কি না, তা অনর্থক তর্ক। কারণ গ্রামীণ ব্যাংকের ব্যবস্থাপনা পরিচালক পদে কাজ করা আর নোবেল পাওয়া সম্পূর্ণ আলাদা বিষয়।

Source: http://www.prothom-alo.com/detail/da...09/news/137059

[CricketPagolChele]

Originally Posted by layperson
There is an age limitation for Managing Directors for Private banks. So it does not surprise me to see him being ousted. However what is surprising is why would they let it go on for so long? Did Prof yunus not know about this rule? It is also extremely obvious and shameful that BAL is doing it as a vendetta against Yunus so they keep looking for legal loopholes to get him entagled in. I dont understand why someone educated and knowledgeable like Yunus not know about this age barrier or knowing it did not do anything about it. Why was BB silent for the last 5 years. It is BB's job to implement this weird rule so if anything goverment should investigate the BB and see why it took them 5 yrs to realize an MD is over the age barrier !!!

Because nobel prize was not given to our PM Sk. Hasina. She deserves one..

[thebest]

Attorney General should sue Nobel Committee for giving Nobel Prize to undeserving candidate like Dr Younis

[cric201]

I heard in socholaton bangla blog that an ex student league cader threaten to buried yunus alive soon. OMG why they want to kill dr. yunus

[shaad]

Two points come to mind:

1. We now have a young and fickle electorate, who might change their votes in the next election if they aren't satisfied with the manner in which the incumbent party performs.
2. Being able to control a microlending organization like Grameen would allow a political party to apply financial pressure on borrowers to influence their votes.

It's quite possible that vanity and pique (not getting the Nobel herself, Yunus attempting to start a third party) played a role, but one also needs to look at the calculus of power.

[BANFAN]