- Seven entities taken over as per law: Grameen Bank chairman
- Evidence of Yunus’s involvement in money laundering abroad was alleged during the press conference
- Chairman Majid emphasized that all actions were undertaken transparently and within legal boundaries
- References were made to legal decisions and procedures followed during the establishment of entities
In a recent press conference held at the Grameen Bank Office in Dhaka’s Mirpur, Grameen Bank Chairman AKM Saiful Majid made significant claims regarding the control of entities housed within Grameen Telecom Bhaban. The assertion comes in response to allegations made by Nobel Laureate Dr. Muhammad Yunus, who accused Grameen Bank of forcefully taking over eight entities established with his business profits. Chairman Majid refuted these claims, stating that Grameen Bank had lawfully assumed control of seven entities and clarified that Dr. Yunus holds no ownership or shares in these establishments.
You Can Also Read: Grameen Bank Refutes Dr Yunus’s Claim as Untrue
Contrary to Dr. Yunus’s assertion that the entities were built from his business profits, Majid claimed they were funded by Grameen Bank resources. Moreover, Chairman Majid alleged evidence of Dr. Yunus engaging in money laundering activities abroad, indicating a deepening rift between the Nobel laureate and the institution he once led.
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Allegations of Money Laundering
The chairman revealed details from a seven-month audit, which reportedly uncovered that Dr. Yunus had siphoned off substantial sums from Grameen Bank to establish entities like Grameen Telecom, Grameen Kalyan, and Grameen Fund. He emphasized that the transfer of control over these entities adhered strictly to legal procedures, with all actions undertaken in compliance with the law.
During the press conference, Chairman Majid disputed Dr. Yunus’s claims of forceful takeover, contending that all actions were conducted transparently and within legal boundaries. He pointed out that Grameen Kalyan and Grameen Telecom were established in the 1990s, with financial documentation related to their inception now mysteriously missing.
Regarding Dr. Yunus’s allegation of the takeover of eight entities, Chairman Majid clarified that control had been sought over seven entities, not eight as claimed by Dr. Yunus. He stressed that nominations for chairmanship and director positions were made for three of these entities, with Grameen Bank asserting its rightful control over them.
To further undermine the legitimacy of their actions, Chairman Majid referenced decisions made during the 42nd Grameen Bank Board of Directors’ meeting in 1996, which laid the groundwork for the establishment of entities like Grameen Kalyan. He alleged that Dr. Yunus had extracted substantial sums from Grameen Bank coffers for the establishment of these entities without offering any interest or dividends in return.
The press conference also saw the presence of Grameen Bank Managing Director Nur Mohammad, signifying the institution’s collective stance on the matter.
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Overview
In February 2022, the High Court of Bangladesh ordered Grameen Telecom, owned by Nobel Laureate Dr. Muhammad Yunus, to pay Tk50 crore in taxes and submit its income tax appeal file for the tax years 2011 to 2013. Previously, on January 1, 2016, a Dhaka Labor Court sentenced Dr. Yunus and three Grameen Telecom directors to six months in jail for labor violation cases. In April 2019, a factory inspector from the Labor Inspection Department inspected Grameen Communications, identifying various irregularities and providing directives for correction. Later, on October 10, 2019, the Director General of the Department of Inspection for Factories and Establishments filed a complaint against Grameen Telecom in the Labor Court, alleging:
- Permanent employment of workers and employees upon completion of probationary period, violating Section 8(7) of the Bangladesh Labor Law.
- Annual leave with or without pay in lieu of leave, contravening Section 117 of the Bangladesh Labor Law.
- Non-compliance with the Labor Welfare Foundation Act of 2006, as the company had not contributed 5% of profits to workers’ welfare and had not established a participatory fund for labor welfare
Key Charges Against Yunus
• Grameen Telecom is accused of misappropriating employee dividends, making unauthorized deductions labeled as lawyer’s fees, and transferring Tk 2,977 crores for money laundering and embezzlement, totaling Tk 45 crores, 52 lakhs, 13 thousand, and 643, including interest for the workers’ welfare fund.
• Dr. Yunus donated Tk 76 crores, 73 lakhs, and 34 thousand to three institutions: Yunus Trust, Yunus Family Trust, and Yunus Center Trust. The Deputy Commissioner of Taxes levied a total tax of Tk 15 crores, 39 lakhs, 16 thousand, and 800 over the fiscal years 2011 to 2013.
• Grameen Telecom submitted inaccurate annual returns to the Registrar of Joint Stock Companies and Firms (RJSC). Despite distributing significant funds to Grameen Kalyan, they falsely claimed in their returns that no dividends were distributed. This action violates Section 397 of the Companies Act, 1994, which carries penalties for such misrepresentation.
• Due to Grameen Telecom transferring its dividends to Grameen Kalyan, it lost its non-profit status as per Section 28 of the Companies Act. Consequently, the license of Grameen Telecom could now be at risk of cancellation under the same section. The Registrar of Joint Stock Companies and Firms (RJSC) has the authority to revoke the license according to the law.
• Between 1997 and 2022, Yunus and affiliated organizations received a total of BDT 977 billion from the company’s operational council. An ongoing investigation is probing allegations of money laundering amounting to approximately BDT 300 billion by Grameen Telecom. Additionally, the company’s chairman, Nobel laureate Dr. Muhammad Yunus, and 13 others are accused of embezzling BDT 250,227,806 from the Welfare Fund, intended for the assimilation of BDT 25,22,780.