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Wednesday, April 27, 2011

[chottala.com] Re: Dr. Yunus : 'family affair'

This is settled and considered justified.
The Grameen Bank is established by Dr Yunus and his family can be sponsered  as a member of Grameen Bank.
It is also justified. 

--- On Wed, 27/4/11, AbdurRahim Azad <arahim.azad@gmail.com> wrote:

From: AbdurRahim Azad <arahim.azad@gmail.com>
Subject: Dr. Yunus : 'family affair'
To: "khabor" <khabor@yahoogroups.com>, notun_bangladesh@yahoogroups.com, chottala@yahoogroups.com, alapon@yahoogroups.com
Received: Wednesday, 27 April, 2011, 9:10 PM

 
Panel points at 'family affair'
 
Dhaka, Apr 25 (bdnews24.com) — Grameen Bank lent money to a packaging company owned by Muhammad Yunus' family members in violation of its purchase policy, says an inquiry report.

The committee report said, "From 1990 to 2005, Tk 96.6 million was transferred from Grameen Bank's SVCF (Social Venture Capital Fund) to Packages Corporation, a family business of Dr Muhammad Yunus."

Formed in January, the five-member fact-finding committee on Grameen Bank—comprising top professionals—submitted its report on Monday.

The report reads, "Grameen Bank waived Tk 13.7 million of the loan in 2006 and played the role of a managing agent of the firm from 1990 to 1997. There are conflicts of interest in buying products and services from the company without any competitive tender, financing the firm, waiving loan and acting as its managing agent."

It said the bank's purchase policy was violated as computer accessories were bought from the packages firm and Grameen Communications.

It added that the bank faced losses when it rent out 11,000 square feet land to Yunus Centre, an organisation owned by Yunus, at a nominal rate.

The inquiry was led by Dhaka University economics professor Dr A K Monaw-war Uddin Ahmad, who specialises in regulatory issues and teaches international trade.

On Jan 4, bdnews24.com published a report, titled 'Family affair!', detailing how the Bank lent money to the packaging company throwing norms to the winds.

The report stated Muhammad Yunus signed a deal for Grameen Bank, granting the microlending entity all rights—just ownership aside—to run and manage the packaging business.

Under the 1990 deal, Packages Corporation was allowed to deploy Grameen Bank employees and managers, to be sent on 'deputation' from the Yunus-run non-profit, to boost dividends for the family business.

His father, Muhammad Dula Meah Saodagor, represented Packages Corporation as its managing director, in an apparent case of conflict of interest. He, along with his sons, owned the company incorporated in 1961 as Pakistan Packages Corporation.

Signed on June 17 1990, the contract was initially valid for 15 years. Three of Yunus' brothers—Muhammad Ibrahim, Muhammad Azam and Muhammad Jahangir—signed as witnesses to the contract between the father and the son, who would secure a Nobel peace prize 16 years later.

In 1997, the management of the packaging business was handed over to Grameen Shamogree, a sister concern of Grameen Bank.

bdnews24.com/rb/ost/nir/2345h

http://www.bdnews24.com/details.php?id=194112&cid=2