Yunus asks Grameen Bank members to guard against takeover bids

Last Updated: Thursday, May 19, 2011 - 00:26

Dhaka: Ousted Grameen Bank founder
Muhammad Yunus has asked 83 lakh members of the bank to guard
against attempts to takeover the pioneering micro-lending
agency.

"Grameen Bank is a priceless wealth for you. Do not
give away this to anyone. You are the owners of this bank. Do
not let go of this ownership," Yunus said in a letter
addressed to the bank members, the Daily Star reported.

The Nobel Laureate`s caution came after his
resignation as the managing director of Grameen Bank amid
speculations that his removal was part of a coordinated
government ploy to take the full control of the bank, the
paper said.

Yunus had said he was quiting to prevent `undue
disruption` in the working of the pioneering microfinance bank
he founded.

Yunus` resignation came as he lost his final legal
battle in the apex court to thwart a Bangladesh Bank decision
removing him from the position on March 2.

"If anyone speaks about taking away the ownership of
Grameen Bank, if anyone speaks against your bank, then you
must protest against it... If you remain silent, the bank will
be taken away from your possession," he said.

The government controls 25 per cent shares of the bank
in paper, while 75 per cent belongs to the borrowers, the
majority of them are rural women. However, the government now
effectively has only 3.29 per cent share in terms of paid-up
capital and the borrowers own the rest.

"Soon you will be put under difficult tests. You must
prepare yourself from now on to come out successfully from
these tests. If you are able to protect this bank, then your
children and descendants will be benefited from its wealth,"
Yunus said.

PTI



First Published: Thursday, May 19, 2011 - 00:26

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