Yunus warns govt against move on GB

Former Grameen Bank Managing Director Muhammad Yunus has criticised the government's move to bring the microfinance institution under Bangladesh Bank supervision and has warned of thwarting the attempt.

"We'll break the hands that try to take hold of it (Grameen Bank)," the Nobel Peace Prize winner told a gathering of women in Chittagong on Thursday.

He asked the women whether they would accept the government's move to change the Grameen Bank ordinance into an Act. They said they would not.

Yunus, who had been the bank's MD since its inception, was removed in March 2011 on the ground that he had crossed the age limit to remain in the post.

He had moved the High Court challenging the decision but in vain.

File Photo

A documentary on the Norweigan national TV in 2010 accused Yunus of transferring foreign funds from one account to another without informing the donors.

He has been a staunch critic of the government since, and the main opposition party, the BNP, has thrown its weight behind him.

On Thursday, Yunus said women must come forward to 'save' the bank.

"They (women) have improved their lives. The Grameen Bank has brought the country a Nobel Prize, and now the government wants to take it over," said Yunus.

He said his 'tug of war' with the government began because the latter was 'trying' to take over the bank that had 8.4 million women.

"The government has attacked me. We established the bank for the poor.

"The government is saying whatever it likes against me ...called me a blood-sucker, a grafter and a loan-shark.

"How can I be a usurer when I'm not the Grameen Bank's owner?" he asked.

Yunus claimed Grameen's interest rate was the lowest at 20 percent when the interest rate fixed by the government was 27 percent.

He said he could have owned the bank right at the beginning, if he had wanted to.

"Around 25,000 people are employed at the Grameen Bank and none of them had to bribe to get jobs. But the government is indifferent to real problems," he said.