Dr. Yunus’ special blessing to Grameen Trust

Economic Desk

Just before Dr. Yunus took over as the chief adviser of the interim government, his sentence was overturned. Besides, more than 100 cases filed against him were withdrawn. Grameen Bank also got back the tax exemption benefits that were repealed during the Awami League regime soon after Dr. Yunus ascended to power.

In that continuation, another organization of Dr. Yunus – Grameen Trust – has been given the opportunity to invest abroad by relaxing government rules.

After the establishment of Grameen Bank in partnership with the government, Dr. Yunus worked as the Managing Director of the bank. He is the chairman of these organizations. Although there is no direct connection between these institutions and Grameen Bank, the relationship is maintained at the bottom. The offices of these organizations are located in a building on Zoo Road in Mirpur, Dhaka.

One such company is Grameen Telecom, which owns one-third of Grameenphone’s shares. Grameen Trust is one such organization, which provides financial support to various micro-credit organizations and social business initiatives working for poverty alleviation. Following the philosophy of Grameen Bank, Grameen Trust provides financial, technical and training support to microfinance organizations worldwide.

Although operating around the world, there are government restrictions on money laundering in investing abroad from Bangladesh. The government has allowed some companies to invest abroad, but new permissions have been stopped in recent years due to the dollar crisis. Meanwhile, Bangladesh Bank has recognized Grameen Trust’s shares in a Nepalese company as foreign investment.

Experts complain of relaxing government rules and giving special benefits to Dr. Yunus.

Grameen Trust got this share in Nepal’s microfinance institution Nirdhan Uttan Bank Limited more than a decade ago in exchange for training and technical assistance. The stock has recently been recognised as foreign investment after completing the necessary formalities.

After the recognition of Grameen Trust, the number of investors outside the country now stands at 24.

Grameen Trust also got a similar share in an organization in the African country of Congo. It is also known that it may be recognized as foreign investment soon. Grameen Trust is conducting similar activities in different countries including Pakistan, South Africa, Congo, Yemen, Bolivia and the United States.

Grameen Trust has 406,265 shares or 1.56 percent in the company, with a market value of 4,626,493 Nepalese rupees.

It is to be noted that Nirdhan Uttan Bank started its activities in 1998 with a license under the Companies Act of Nepal. Since 2017, it has been operating under the Banks and Financial Institutions Act. Recently its name has been changed to Nirdhan Uttan Laghu Bitiya Company Limited (NUBL). Grameen Trust, Bangladesh ranks first in their list of strategic alliances.

Grameen Trust started its journey in 1989 as a non-profit non-governmental organization. A decade ago, the company got 2,14,250 shares or 3.57 percent of Nepal’s Nirdhan Uttan Bank. So far, it has not been considered foreign investment.

Bangladesh Bank officials claim that Grameen Trust has been listed as a foreign investor organization to complete the formalities. No money was transferred from the country.

Bangladesh Bank has been allowing investment abroad since 2013. In 2021, the Ministry of Finance issued a rule in this regard. According to the rules, only companies with export income can apply for investment. A maximum of 20 percent of the average export earnings of the last five years or 20 percent of the net assets of the latest audited financial report is allowed to be invested.

After examining various information and feasibility, analyzing the country’s foreign exchange situation, a selection committee headed by the governor gave final approval, after which permission was given to transfer money abroad.

Grameen Bank, which started its journey in 1983, has been enjoying tax exemption since its inception, but it was not extended when the Awami League was in power. Earlier, when Dr. Yunus was relieved from the post of Managing Director of Grameen Bank according to the rules of Bangladesh Bank, he considered Prime Minister Sheikh Hasina and the Awami League government as personal enemies.

Sheikh Hasina’s government stopped the tax exemption facility of Grameen Bank from 2021 due to unfair considerations. After the political change in August last year, the scenario changed. Dr. Yunus became the chief adviser of the interim government and the National Board of Revenue issued a notification exempting Grameen Bank from tax till 2029. Dr. Yunus has not only blessed his own institutions, those who have been his sword bearers for a long time in his organization have been selectively placed in the administration of the interim government. Even his own family and relatives were not deprived of this blessing.

That is why the common people have termed Dr. Yunus’s interim government as an angiogram government and Yunus’s blessings as Yunus-quota.