Shahjahan takes over as acting MD

The man led the defence of Muhammad Yunus and Grameen Bank's way of operations after allegations of sleaze surfaced

Dhaka, Aug 16 (bdnews24.com)—Md Shahjahan has taken over as acting managing director of micro-finance institution Grameen Bank, nearly a month after he was made deputy MD, the bank's chairman says.

Shahjahan led the defence of 'removed' MD Muhammad Yunus and appeared on TV defending the bank's operations after a Norwegian TV documentary revealed that nearly US $100 million in aid funds were transferred out of Grameen Bank to a private entity, without the knowledge of the Norwegian donor NORAD.

"Shahjahan took office on Tuesday after acting managing director Nurjahan Begum went into Leave Preparatory to Retirement (LPR) on Sunday," chairman Khondker Mozammel Haque told bdnews24.com on Tuesday.

Shahjahan did his master's in accounting at Dhaka University in 1977. He also completed master's degree from finance there.

On Mar 2 this year, the government sacked Nobel Peace laureate Yunus as managing director after the Norwegian documentary on shady fund transfer rattled his position in his micro-finance institution.

The bank earlier formed a search committee for the appointment of a new managing director.

"First, we're trying to stabilise the situation [of the bank]. Then a selection committee will be formed and a managing director will be appointed," said Mozammel.

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