After legalizing tax evasion by Grameen Bank, Dr. Yunus now reduces government ownership

Staff Correspondent

After using state power to legitimize tax evasion, Dr. Muhammad Yunus has now reduced the government’s ownership in Grameen Bank. The advisory council under his leadership has approved in principle the “Grameen Bank Amendment Ordinance,” which reduces the government’s ownership in the bank from 25% to 10%. Simultaneously, the bank’s operations have been expanded beyond union councils to include city corporations and municipalities.

On Thursday (April 17), Environment Advisor Syeda Rizwana Hasan disclosed this information during a briefing at the Foreign Service Academy in the capital. Earlier in the morning, the advisory council meeting, chaired by Chief Advisor Dr. Yunus, was held at his office.

Rizwana Hasan said, “According to the new ordinance, the Grameen Bank board will consist of 9 members elected from among the bank’s beneficiaries. Three of them will be nominated, and one of these three will be appointed as chairman.”

She further added, “Previously, the government held 25% of Grameen Bank’s paid-up capital, while the remaining 75% belonged to the beneficiaries. However, under the new ordinance, the government’s share has been reduced to 10%, and 90% ownership will remain with Grameen Bank, meaning its members.”

The Environment Advisor stated, “At one point, there was an attempt to bring Grameen Bank under government control. But today’s amendment has returned the bank’s ownership to its original philosophy, where the borrowers are the true stakeholders.”

However, she said, “Dr. Yunus has been politically targeted. Grameen Bank’s core value was that those who take loans would be the bank’s stakeholders and take responsibility for its management. Today’s decision is a positive step forward in line with that principle.”

The ordinance also mentions that Grameen Bank will be classified as a “public interest organization” under the Financial Reporting Act 2015. This has raised questions from various quarters.