We followed rules while replacing Prof Yunus

Grameen Bank yesterday said it followed rules while nominating chairman for three not-for-profit companies, replacing Nobel Laureate Prof Muhammad Yunus, who founded the organisations.

“Based on our understanding of the law, he is probably not the chairman [of these organisations] now,” Grameen Bank Chairman Prof AKM Saiful Majid told a press conference.

The companies — Grameen Kalyan, Grameen Telecom and Grameen Fund — are the wealthiest among the dozens of companies Prof Yunus founded as part of his social business vision.

Prof Yunus last week said he and his colleagues were going through a disastrous situation due to an “unlawful” takeover of offices at the Grameen Telecom Bhaban by a group of outsiders.

At yesterday’s press conference, Prof Majid said Grameen Kalyan, Grameen Telecom, Grameen Fund, Grameen Motso Foundation, Grameen Udyog, Grameen Samogree, Grameen Shokti, and many other organisations were established through the initiative, arrangement, finance, support and guidance of Grameen Bank.

These organisations are functioning effectively because of the direct and indirect support of Grameen Bank, he said.

“Grameen Bank is determined to utilise these organisations for the benefit of the poor and landless people. We learnt that Grameen Bank can keep these organisations under its management through the existing rules and laws.

“We have sent letters to seven organisations as per law, and changed chairman of three as per the article of association. We did this after holding a meeting of the Grameen Bank’s board of directors.”

The board approved appointing a chairman and directors for seven institutions and “these actions fully comply with the rules of Grameen Bank-created organisations as well as the laws of the country. I want to assure you that no illegal or arbitrary steps have been taken regarding the nominations.”

Officials of Grameen Kalyan said about 35 people claiming to have affiliations with Grameen Bank stormed the offices of Grameen Telecom and Grameen Kalyan on the evening of February 12. They put some offices in the Grameen Telecom Bhaban under lock and key and misbehaved with employees. A correspondent of The Daily Star has seen some officials of Grameen Bank sitting in a room of Grameen Kalyan on Tuesday and Wednesday.

However, Prof Majid yesterday said 20 or 21 people went to Grameen Telecom Building with letters and had a very congenial meeting with the officials.

Prof Yunus’s lawyer Abdullah Al Mamun recently told The Daily Star that the Nobel laureate was first nominated as chairman of Grameen Kalyan by the Grameen Bank in 1997. Since then, the board of directors of Grameen Kalyan nominated the chairman and no one was appointed by the bank. However, the bank nominated two directors before 2020.

“That means Grameen Bank accepted the chairman appointed by Grameen Kalyan. Now all of sudden, some 35 people enter the office one evening, saying an appointment letter would arrive shortly,” he said.

“They claim that they have a legal basis for appointing a chairman and two or three out of the 15 directors in a company. But none of the directors have designated offices in the building. Directors only come to the office for meetings. So, why would they come to occupy the office?”

At yesterday’s press conference, Prof Majid claimed that a comprehensive audit being conducted at Grameen Bank found evidence of money laundering.

When institutions like Grameen Telecom, Grameen Kalyan, and Grameen Fund were established, substantial sums of money were shipped off from Grameen Bank, he said.

Prof Yunus did not establish Grameen Telecom, Grameen Kalyan, and the other subsidiary companies using legitimate business profits, he said, adding that funds from Grameen Bank were used.

The aforesaid institutions were established in the 90s, and much of the financial information of these institutions has been removed and the data destroyed, Prof Majid claimed.

Prof Yunus, the champion of micro credit, founded Grameen Bank in 1983. He later established about 50 ventures aligned with his social business models aimed at alleviating poverty and addressing social issues. He has been serving as a non-salaried chairman and does not have ownership of these organisations.

In 2009, the board of directors of Grameen Kalyan and Grameen Telecom unanimously issued a resolution and amended the provisions in the Articles of Associations barring Grameen Bank from nominating directors, said the companies in a joint statement on Thursday.

The organisations also informed the Office of the Registrar of Joint Stock Companies and Firms of the matter, it added.

The sudden nomination of chairman and two or three directors to Grameen Kalyan and Grameen Telecom by Grameen Bank is nothing but harassment of Prof Yunus, it said.

“This is also a blueprint for destroying the social business organisations,” it added.