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'Grameen'
Yunus refutes $100 mn anomalies charge
Friday December 03, 2010 02:55:53 PM ,
IANS
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Dhaka:
Bangladeshi Nobel Laureate Muhammad Yunus has refuted a charge
that he had transferred $100 million aid meant for his
micro-credit bank Grameen to other projects.
The bank's founder told The Daily Star newspaper that he had done
so 14 years ago "to ensure maximum transparency and responsible
use of the bank's revolving fund".
In Norway, from where the funds came, the government has said it
was probing the charge levelled in a TV documentary that alleged
that the fund had been transferred to other Grameen projects in
breach of contract with the loan givers.
International Development Minister Erik Solheim said that it was
"totally unacceptable that aid is used for other purposes than
intended", BBC reported.
A documentary maker has alleged that cash was diverted from
Grameen Bank to other parts of Grameen.
The documentary, titled "Caught in Micro Debt", has alleged that
Grameen Bank had transferred about $100 million it received from
donors to Grameen Kalyan in 1996 and then got back the money as
loan in breach of agreement.
This led to a spat between the Norwegian government and Grameen
Bank.
The documentary was aired Tuesday on the National Norwegian
Television, NRK.
The episode took place about 14 years ago and it was presumably
ironed out as the documentary showed a compromise had been reached
concerning transfer of the funds Norway granted to Grameen Bank.
Under the compromise, 170 million Norwegian kroners was
transferred back to the bank, the newspaper said.
Grameen Bank said the allegations of fund misuse are false and it
will release a detailed statement on the affairs soon.
Grameen Kalyan is a spin-off created in 1996 by Grameen Bank,
which set up an internal fund called Social Advancement Fund (SAF)
by imputing interest on all the grant money it received from
various donors.
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