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The Daily Ittefaq

Grameen Bank clarifies Dr Yunus was not 'illegally' replaced as Grameen Telecom chairman

Update : 16 Feb 2024, 20:10

The Grameen Bank has the authority to appoint the chairman and a number of directors of organisations formed under its financing, said its Media Cell Head Anju Ara Begum following Dr Yunus' allegations that the bank seized eight of their institutions.

In a statement published on 15 February, Anju Ara Begum said, "Dr Yunus has made some misleading, untrue, illegal and intentional statements. Therefore, the Grameen Bank considers it very important to publish its statement and explanation before the nation by referring to the correct information on this matter."

Earlier on 15 February, Dr Yunus claimed the Grameen Bank does not have legal authority to take over the building, and run the companies independently.

He alleged that the Grameen Bank seized eight of their institutions and is running them in its own way. Even after seeking redressal from the police, they are not getting any help.

The statement further said, according to the 35 (iii) of the Grameen Telecom Article of Association, three members from amongst individuals having record of service in activities of poverty alleviation and income generation to be nominated by Grameen Bank who may or may not be persons in the service of the bank.

"Also, according to the section 51 of the Grameen Telecom Article of Association, there shall be a chairman of the board who shall be nominated by Grameen Bank from amongst persons having a record of service in activities of poverty alleviation and income generation and/or interest in such activities.

"Section 32 (iii) of the Grameen Telecom Article of Association states that two members from amongst individuals having a record of services in activities of poverty alleviation and income generation to be nominated by Grameen Bank who may or may not be persons in the service of the bank.

"Lastly, section 48 of the Grameen Telecom Article of Association says there shall be a chairman of Kallyan who shall be nominated by Grameen Bank from amongst persons having a record of service in activities of poverty alleviation and income generation and/or interest in such activities," reads the statement.

In light of the above-mentioned provisions Dr Yunus was nominated as the chairman of Grameen Telecom in 1995 and Grameen Kalyan in 1996 by Grameen Bank. In continuation of this, in the 155th board meeting of Grameen Bank held on 12 February, chairman and a certain number of directors have been nominated for the mentioned institutions.

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