Prof Yunus resigns

Prof Muhammad Yunus has stepped down as the managing director of Grameen Bank in order to prevent undue disruption in the activities of the microfinance institution, the Nobel laureate said yesterday.
“I am today relinquishing the post of managing director of Grameen Bank on the basis that Deputy Managing Director Nurjahan Begum would hold charge until a managing director is appointed in accordance with the procedures under section-14 of the Grameen Bank ordinance,” the microcredit pioneer said in a press statement yesterday.
“I am taking this step without prejudice to the legal issues raised before the Supreme Court, and in order to prevent undue disruption in the activities of Grameen Bank and to ensure that my colleagues and our 80 lakh members, and owners of the bank, are not subjected to any difficulty in discharging their responsibilities.”
“Since the board of Grameen Bank is my appointing authority, it may take appropriate steps,” he said.
His resignation is the culmination of months of torment inflicted upon him through propaganda by government high-ups and a section of the media, particularly after a Norwegian television documentary accused him of mishandling aid fund.
Although the issue dates back to 1998 and was settled amicably, his opponents seized the opportunity to launch an all-out attack on him.
In the statement, Prof Yunus also said he has still not received the copy of the Supreme Court's full order that rejected appeals he and nine directors of Grameen Bank filed, challenging the central bank's order removing him as Grameen managing director.
“I hope Grameen Bank will continue to operate maintaining its independence and character under the Grameen Bank ordinance and move towards even greater success,” he said.
On March 2, Bangladesh Bank through a letter removed the Nobel Prize winner from the post of managing director, on claims that Yunus was holding on to his post way past his retirement age.
The central bank move triggered a legal battle but Prof Yunus lost in courts. His review petition was turned down by the Supreme Court, ending his glimmering hopes to remain in the bank he founded three decades ago.
Before Prof Yunus made his resignation public, Finance Minister AMA Muhith said the deputy managing director of Grameen Bank is to act as the managing director until a committee finds his successor.
He said they would look for other arrangements if the deputy managing director refuses to take over the charge. He said finding another managing director could take three months.
Muhith claimed they want a respectable transition of leadership to the new managing director. Measures will be taken for a dignified transition of the bank's helmsman-ship from the nation's only Nobel laureate, who is the pride of the country.
“We will determine the way of transition after discussing it with him [Prof Yunus],” the finance minister told journalist at his secretariat office yesterday after formally publishing on a website the government review committee report on Grameen Bank.
He said after the Supreme Court's rejection of Prof Yunus' petition, future steps regarding Grameen Bank would be taken after consulting legal experts.
The bank has 22,000 employees across the country and serves four crore people, mostly poor.
After questions were raised about the use of a Norwegian fund by Grameen Bank, the government formed the review committee led by Prof AK Monowar Uddin Ahmed of Dhaka University Economics Department on January 11. The committee submitted its report to Muhith on April 24.
The finance ministry has been published without any editing, which is available at www.mof.gov.bd
On the demand of Grameen Bank staff to appoint Prof Yunus as the chairman of the bank for a smooth transition in leadership, Muhith said it is not acceptable.
He added the government appointed the present chairman following procedures and he will continue in his position.
Replying to a query, the minister said Prof Yunus is the founder of the bank and the government never exerted any control over him.
Referring to Prof Yunus' statement that Grameen Bank is not like other state-run banks, the finance minister said, “I differ with him on this point.”
He said Grameen Bank is completely a government bank, as it was established through a government ordinance.
The finance minister said they respect and honour Prof Yunus like all others in the country. “After the High Court rejected his petition, Prof Yunus continued to attend office, but we did not say anything as he is an honourable person.”
Since he was the managing director it will take time for him to get all his papers and documents out of his office, Muhith said.