Yunus accused of granting Tk 9.5cr loan illegally

Grameen Bank has filed a complaint with the Anti-Corruption Commission against its former managing director Nobel Laureate Prof Muhammad Yunus, accusing him of illegally granting a loan to a company his family owns.

Tk 9.5 crore was given in loans illegally to Packages Corporation Ltd, Masud Akhtar, the bank's legal adviser, told The Daily Star yesterday.

In addition, Yunus also awarded work orders worth crores of taka for printing materials at higher rates without inviting any competitive bid, Pradip Kumar Saha, deputy managing director of Grameen Bank, told reporters.

He spoke to the media after lodging the complaint with the anti-corruption watchdog. The copy of the complaint was not available immediately.

In a press release, signed by Nur Mohammad, managing director of the microcredit institution, Grameen Bank said Yunus allegedly extended unlawful benefits on multiple occasions to Packages Corporation.

It alleged that Yunus formed the price-setting committee himself and without the consent of the board. It claimed that he breached Grameen Bank's procurement policy as well.

He was also accused of violating the Grameen Bank Ordinance 1983 by keeping the board in the dark and entering into a managing agent agreement with the firm.

Yunus, his father Md Dula Mia Soudagar, and brothers Abdus Salam and Muhammad Ibrahim are the directors of Packages Corporation, according to a document shared by Grameen Bank's legal adviser.

Despite repeated attempts, Yunus Centre, the office of the Nobel Laureate, could not be contacted for comments.