Provision for GB director election ‘to be changed’

News - Provision for GB director election ‘to be changed’
Finance Minister AMA Muhith on Monday said the provision for election of Grameen Bank (GB) directors will be changed as it has various flaws.

“While making the change, the GB’s paid-up capital will be raised to incorporate additional members as well as its borrowers,” he said.

The Finance Minister came up with the remarks following his meeting with the members of Grameen Bank Commission at his ministry.

The government formed the Commission to investigate the affairs of the microcredit bank founded by Nobel laureate Dr Mohammad Yunus. The Commission was formed after Dr Yunus’ removal from the bank as its Managing Director in 2011.

The Commission has recently placed a draft report on the Grameen Bank and now preparing the final one for the government’s action.

At present, the listed total members or borrowers of the bank are 5.3 million while their total number is 8.3 million.

To accommodate the additional number in the director election process, the amount of paid-up capital has to be raised first proportionately, according to the Finance Minister.

The Finance Minister again blasted Dr Yunus for what he said creating obstacle towards appointing the managing director of the bank saying that his (Dr Yunus) men have gone to the High Court to resist the government move.

He said 25 percent of the GB’s share is owned by the government while 75 percent is by the bank itself. “So, how much money will be required to raise the paid-up capital, it’ll be examined.”

Replying to a question, he said the GB commission is trying to discover the relation between the GB and the Grameen Phone, as Dr Yunus’ statements are contradictory in this regard.

Source: UNB Connect