Yunus was warned of Grameen troubles
top manager had warned Muhammad Yunus twice in three years that siphoning of donor money and other irregularities were clouding Grameen Bank.
Khondker Mozammel Haque, now the Bank's chairman, in a strongly worded letter on Jan 1, 2000 raised the alarm and urged Yunus to intervene to save the micro-lender from impending disaster, according to the inquiry committee report on the Grameen operations.
A copy of the report containing the finds by professionals and submitted on Monday is available
Mozammel Haque, then the acting general manager, in the Jan 1 letter referenced his 1997 memo to the Noble laureate to remind him of the measures he had suggested earlier to address several irregularities in the running of affairs.
The Yunus underling in that letter expressed grave concerns over the low rate of loan recovery, growing frustration among the staff and gross irregularities in management and promotion, saying the embarrassing blunders were blighting careers of many young people.
He also referred to the questions about the bank's fairness and Yunus's reluctance to make himself clear on his retirement plans.
The five-strong panel was led by Dhaka University economics professor Dr A K Monaw-war Uddin Ahmad, who specialises in regulatory issues and teaches international trade.
Haque in the second letter said Yunus' aversion to transferring responsibility and his lack of respect toward transparency and accountability could lead the largest micro-credit agency to a disastrous future.
He also warned Yunus that the way funds were 'diverted off Grameen Bank to Grameen Kalyan' in 1996 had no legal basis and that any new managing director would raise question about it'.
Grameen Bank, from its revolving fund received from (Norwegian aid agency) Norad and other donors, transferred Tk 3.47 billion to the other firm. The issue was not mentioned in the agreement between Norad and the Bangladesh government.
top manager had warned Muhammad Yunus twice in three years that siphoning of donor money and other irregularities were clouding Grameen Bank.
Khondker Mozammel Haque, now the Bank's chairman, in a strongly worded letter on Jan 1, 2000 raised the alarm and urged Yunus to intervene to save the micro-lender from impending disaster, according to the inquiry committee report on the Grameen operations.
A copy of the report containing the finds by professionals and submitted on Monday is available
Mozammel Haque, then the acting general manager, in the Jan 1 letter referenced his 1997 memo to the Noble laureate to remind him of the measures he had suggested earlier to address several irregularities in the running of affairs.
The Yunus underling in that letter expressed grave concerns over the low rate of loan recovery, growing frustration among the staff and gross irregularities in management and promotion, saying the embarrassing blunders were blighting careers of many young people.
He also referred to the questions about the bank's fairness and Yunus's reluctance to make himself clear on his retirement plans.
The five-strong panel was led by Dhaka University economics professor Dr A K Monaw-war Uddin Ahmad, who specialises in regulatory issues and teaches international trade.
Haque in the second letter said Yunus' aversion to transferring responsibility and his lack of respect toward transparency and accountability could lead the largest micro-credit agency to a disastrous future.
He also warned Yunus that the way funds were 'diverted off Grameen Bank to Grameen Kalyan' in 1996 had no legal basis and that any new managing director would raise question about it'.
Grameen Bank, from its revolving fund received from (Norwegian aid agency) Norad and other donors, transferred Tk 3.47 billion to the other firm. The issue was not mentioned in the agreement between Norad and the Bangladesh government.
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