Dr Yunus ‘misused’ power, ‘illegally’ benefited family: Grameen Bank legal adviser

Nobel laureate Dr Muhammad Yunus "misused his power" and "illegally provided substantial financial benefits to his family members" while serving as managing director of Grameen Bank, the bank's chief legal adviser, Masood Akhtar, levelled the allegations against Dr Yunus today (3 June).

At a press conference, Akhtar also labelled Dr Yunus a "pathological liar," accusing him of providing "false information" to the media.

Refuting these allegations, Dr Yunus' lawyer, Barrister Abdullah Al Mamun, said these accusations are part of a conspiracy led by a certain group aiming to humiliate Dr Yunus.

Recently, the current board of directors of Grameen Bank filed a written complaint against Dr Muhammad Yunus with the Anti-Corruption Commission (ACC). According to the complaint, Dr Yunus illegally provided a loan of Tk9.5 crore from the bank to his family company, Packages Corporation Limited.

Last Sunday, Dr Yunus spoke to the media about the allegation and denounced the case against him as false.

At the news conference held yesterday, Grameen Bank's chief legal adviser said, "He [Dr Yunus] claimed that he and his family did not derive any benefits through the position he held. However, he awarded work orders worth hundreds of crores of taka to his printing press at rates 30%-40% higher than the market value."

Akhtar added, "At the time, there were reports that a GM of Grameen Bank was subjected to torture for protesting against these actions. That GM was placed under house arrest."

He said, "There have been allegations of corruption against him since 1997. Even though Yunus left the bank in 2011, he managed to keep his corrupt activities hidden because Grameen Bank was still run by his associates. However, in 2020, an audit uncovered severe corruption, which came to our attention in 2023."

"The claim that he transferred Packages Corporation to Grameen Bank is not true. Grameen Bank does not have any such documents. It still owns that company," he added.

Meanwhile, at a press conference yesterday, Dr Yunus's lawyer, Barrister Abdullah Al Mamun, said, "The sacrifice that Dr Yunus made for Grameen Bank is undeniable. Grameen Bank has now succumbed to greed. He did not transfer ownership of Packages Corporation to Grameen Bank; he merely entrusted them with its management."

"Grameen Bank did not have substantial wealth at the time. The bank profited from Packages Corporation, while Dr Yunus and his family faced financial hardship. His family made significant sacrifices in this regard," he added.