Billions of taka transacted to Grameen Telecom as part of profits from Grameenphone are still untraced, Grameen Bank Chairman Mozammel Haque says.
Grameen Telecom, a subsidiary of the Grameen Bank, owns 34 percent stakes in Grameenphone, the largest mobile-phone operator in Bangladesh.
The Chairman had come out with the information on the missing money eight months ago, he told reporters after meeting Finance Minister Abul Maal Abdul Muhith on Monday.
Mozammel Haque asked, “Where is the money from Grameenphone’s profit that was meant to be used for the welfare of Grameen Bank members?”
When asked about the amount, he said, “I guessing it won’t be less than Tk 100 billion.”
The Grameen Bank Chairman had told reporters on Jan 23 that the sum was Tk 300 billion.
He said Grameen Telecom was entitled to 35 percent of the profit made by Grameenphone in its first six years and 65 percent from the later years.
Haque had earlier said, “This is hearsay, but there is now another institution called Grameen Telecom Trust from Grameen Telecom. The money is there. Grameen Telecom and Grameen Telecom Trust are both chaired by Muhammad Yunus.”
The government is now in a strained relationship with Yunus, who co-shared the Nobel with the Bank, after he was removed from the post of Grameen Bank’s Managing Director.
The move caused heavy criticism internationally. The US and European countries berated the Bangladesh government for its decision.
The government owns 10 percent of Grameen Bank’s shares and the borrowers, mostly women, own the remaining 90 percent.
The Finance Minister was asked about the issue after his meeting with the Grameen Bank Chairman.
“It is not easy to decipher,” replied the minister.
“Mr. Yunus said Grameenphone has no ties with Grameen Bank. And we said there is. This is what caused the quarrel,” said Muhith as he was leaving.
The Nobel laureate began his legal battle after the central bank decided to relieve him as Managing Director in 2011. He resigned from the post of Managing Director after losing in the Supreme Court.
Later, the government set up a committee to appoint a new Managing Director. But its activities were put on hold after a case challenging the panel was filed in the court.
A commission was set up to make recommendations about Grameen Bank and its sister organisations but it is yet to provide a full report.
The Finance Minister said the report was not due to arrive before Eid.
Source: Bd news24
