Charges, Allegations Against Yunus, New Head Of Bangladesh
Muhammed Yunus, who is set to lead the interim government in post-Sheikh Hasina Bangladesh, has been a controversial figure, convicted of several charges connected with his flagship initiative, Grameen Bank among others.
Yunus is facing over 100 charges, including money laundering and graft, which, if convicted, would reportedly land him in jail for life. His trial was notably scheduled to start by July 15, according to a report by the AP. The recent development in Bangladesh can thus also be viewed as a solace for the economist.
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Grameen Bank was established by Yunus and received a Nobel Prize in 2006 for its microlending project and subsequent poverty alleviation in the country. Notably, Yunus, along with his three employees of his company, Grameen Telecom, were convicted of violating the country’s labor laws, including the alleged failure to create a welfare fund for its staff.
Yunus was first put on trial in 2013 on charges of receiving money without government permission, including his Nobel Prize award and royalties from a book. Later, he was charged with other cases involving other companies he created, including Grameen Telecom and GrameenPhone.
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Major allegations against Yunus include resorting to aggressive ways of collecting loans with a high interest rate, diverting funds, and violating norms. In 2010, Yunus and his Grameen Bank were accused by a Danish documentary of diverting funds worth about $100 million given to the bank by the Norwegian Agency for Development Cooperation (NORAD). After the government reviewed his activities in 2011, Yunus was removed from the bank’s managing director post for not following retirement regulations.
However, the supporters of Yunus have been claiming that the charges against him are politically motivated, as the state is using the legal mechanism against the Nobel Laureate, who enjoys tremendous clout among the public due to his contributions. They also point out Sheik Hasina’s statement accusing Yunus of sucking the blood of the poor.
According to some political experts, the Awami League chief has been targeting the Nobel laureate due to the fear of him emerging as a strong political voice in the country.
Following the recurrent charges against the Nobel laureate, global leaders, including former US president Barack Obama, signed letters in 2023, voicing concerns over what Yunus’s supporters call legal harassment against him. The former Prime Minister Hasina had then challenged the intentional elites to come and assess the legal proceedings.
