New Allegations of Corruption Against Dr. Yunus

Nobel Laureate Dr. Muhammad Yunus

Nobel Laureate Dr. Muhammad Yunus, chairman of Grameen Telecom, faces fresh allegations of corruption involving his family-owned company, Packages Corporation Limited. The current board of directors of Grameen Bank has accused Dr. Yunus of facilitating illegal loans, loan waivers, and unauthorized work orders amounting to Tk 9.5 crore.

Details of the Complaint

On Sunday, the complaint was formally submitted to the Anti-Corruption Commission (ACC) Chairman Mohammad Moinuddin Abdullah. The submission was made by Pradeep Kumar Saha, the deputy managing director (DMD) of the bank, along with legal adviser Masud Akhtar and other officials.

Pradeep Kumar Saha addressed reporters at the ACC office in Segunbagicha, highlighting significant points from the complaint:

Family Benefits: Despite Dr. Yunus's claims of never taking personal or family benefits from Grameen Bank, a special inspection report by Bangladesh Bank raised concerns. The report highlighted that Packages Corporation Limited, owned by Dr. Yunus's family, was improperly managed and financed by Grameen Bank, violating donor organization terms. The company is owned by Dr. Yunus's father Dula Mia, and his brothers Abdus Salam and Muhammad Ibrahim.

Audit Findings: A high-powered review committee from the Bank and Financial Institutions Department of the Ministry of Finance, along with an audit report from Bangladesh Bank, discovered extensive corruption. This included illegal loan grants, loan waivers, and work orders worth billions of rupees directed to Packages Corporation. Documentation such as original vouchers, advice letters, and endorsement letters by Dr. Yunus were cited as evidence.

Misuse of Power: During his tenure as Managing Director of Grameen Bank, Dr. Yunus allegedly violated the Grameen Bank Ordinance-1983 by providing loans to his family’s firm, which were meant only for landless poor borrowers. The family firm, Packages Corporation, received substantial loans despite being ailing and loss-making. When the company failed to repay, Dr. Yunus purportedly used his authority to waive the interest and portions of the principal.
Context and Previous Allegations

In addition to the recent complaint, it is noteworthy that in the last week of January, the ACC filed a charge sheet against Dr. Muhammad Yunus and 13 others. The charges involved embezzling Tk 25 crore from Grameen Telecom.

Reactions and Implications

These allegations present a significant challenge to the legacy of Dr. Yunus, widely celebrated for his contributions to microfinance and social business. The ongoing investigations and legal proceedings are expected to have far-reaching implications for both Grameen Bank and Dr. Yunus's reputation.

Conclusion

The ACC is currently reviewing the new allegations against Dr. Yunus. As investigations proceed, further updates will be provided. The legal and ethical implications of these charges underscore the need for stringent oversight and accountability within financial institutions.

This report is based on confirmed statements and official documents pertaining to the recent allegations and ongoing investigations against Dr. Muhammad Yunus and his family-owned company, Packages Corporation Limited.