When did all this start as i recall one of the dunhams—zeros relatives was involved in micro finance in the third world
The latest...
Bangladesh minister says Yunus must quit Grameen bank
Feb 16th, 2011
DHAKA (Reuters) – Bangladesh’s finance minister on Wednesday said Nobel laureate Muhammad Yunus should stand down from his role in microlender Grameen Bank following alleged irregularities in its operations.
Minister Abul Maal Abdul Muhith called Yunus a “man of high standing and respect”, but said: “He is now old and we need to redefine the banks role and bring it under closer regulation.”
Yunus, 70, who tried to set up his own political party in 2007, did not respond directly to the finance minister’s comments.
“When time will come, any transition will essentially require a friendly environment and support from the inside and outside stakeholders of the bank to ensure that we continue to be totally committed to our mission for and with the poor,” he told Reuters.
A Norwegian television documentary last year said Grameen, led by 2006 Nobel Peace Prize winner Yunus, had for tax purposes SHIFTED FUNDS provided by Norway’s aid agency in the 1990s from one legal entity to another.
The documentary sparked criticism in Bangladesh and abroad of Yunus, whose bank has provided some $10 billion in small loans to individuals, mainly women, to fund businesses and help them escape poverty.
Later, the Norwegian government said an investigation into the allegations against Grameen had found no evidence of misuse of the funds or corrupt practices.
The allegations came at a time when microlending faced political hostility in several developing countries including India, where politicians have accused the bankers of profiteering from the poor.
In January, Bangladeshi Prime Minister Sheikh Hasina accused Yunus of resorting to a “trick” to avoid paying taxes.
“The government has set up a review committee with very specific terms of reference and will await their recommendations due in three months in taking any action, if need be, in respect of the Grameen Bank,” said Muhith.
Friends and admirers have launched a campaign to support Yunus and the microlender, in which the Bangladesh government has a 25 percent stake.
“While the campaign of misinformation against Professor Yunus and Grameen Bank continues with increasingly aggressive attacks, support in favour of the Nobel Peace Prize laureates is also getting organised,” the Paris-based “Friends of Grameen” said in a statement issued on Tuesday.
Chairperson of the group Mary Robinson, former President of Ireland and former United Nations High Commissioner for Human Rights, said:
“The members of Friends of Grameen are all deeply concerned by the continued attacks against Professor Yunus and Grameen Bank, that are politically orchestrated.”
http://www.ekerala.net/news/bangladesh-minister-says-yunus-must-quit-grameen-bank/
There’s something going on with this bank and, imo, most of the other micro-banks. It’s been shown that it doesn’t work - all it does it put people in an even deeper bind as the interest rates are too high and they never get the debt paid. It’s obvious that the “elders” were selected and placed to protect them.