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No chance for Yunus to retake GB control: Muhith

  • Published at 06:42 pm August 14th, 2013
No chance for Yunus to retake GB control: Muhith

Finance Minister AMA Muhith yesterday hinted that there was no longer any chance for Muhammad Yunus to retake control of the Grameen Bank.

“No matter how loudly he cries, Professor Yunus would no longer be able to grab the Grameen Bank,” the finance minister told reporters after a cabinet meeting yesterday.

Muhith also said the government would retain its 25 percent share in the bank and had no plans to take full control of the pioneering microfinance institution.

“There is no need for the government to take a majority share, as a statutory body will control it,” he said.

He added that there would be no changes in the running of the bank, which was founded by Yunus.

The minister’s comments came days ahead of the expected passage of the Grameen Bank Law 2013, abolishing the Grameen Bank Ordinance 1983, to restructure the Nobel Peace Prize-winning micro-credit lender.

Meanwhile, the government was looking for a new chairman to replace the incumbent who submitted his resignation last week, Muhith said.

“The present chairman will continue until we find a new one,” he said.

Khondaker Muzammel Huq, the bank’s government-appointed chairman, resigned from the post cit-ing health reasons.

The draft Grameen Bank Law 2013 is likely to be sent to the Law Ministry on August 25 for vetting, a top official at the ministry said.

The government moved to enact the new law in line with an interim recommendation made by the Grameen Bank Commission which was set up last May to review the operations of the bank and its associated organisations, and make recommendations about their future structures.

Earlier, a committee advocated increasing the institution’s capital to Tk3.5b from the existing Tk30m, and its paid-up capital to Tk3b, from the current Tk59m.

The committee also recommended that the bank’s nine directors be elected after scrutiny by two electorates, appointed by the bank’s management.