Friends of Grameen yesterday said it is deeply disappointed and saddened by the decision of the Supreme Court of Bangladesh that upheld the central bank's decision to remove Professor Muhammad Yunus from Grameen Bank.
The Supreme Court yesterday rejected two appeals made by Grameen Bank and nine of the directors of its board, challenging the High Court decision to remove Prof Yunus as managing director, for exceeding mandatory retirement age.
"Today, we are extremely preoccupied about the independence of the bank and of micro-credit institutions in Bangladesh," said Maria Nowak, president of the executive committee of Friends of Grameen.
She said alarming recommendations seem to be emerging from the report of the government-appointed review committee, leaked to the press last week, such as changes in the statutes, reconsideration of borrowers' role in the governance of the bank and extension of government control over Grameen's sister organisations, such as Grameen Telecom.
"We fear that amending the structure and governance of a democratic and egalitarian organisation poses a serious threat, with devastating ramifications on microcredit and social business activities in Bangladesh," said the founder of French microfinance organisation AIDE.
The international platform set up to promote microcredit reaffirmed their strong support to Prof Yunus and to the independence of the Grameen Bank.
It said Yunus, known across the world as the 'Banker to the Poor', established the democratic framework of the bank, making it a unique and powerful microcredit model, replicated across the world.
Over the last three decades, the pioneering and innovative work of Grameen Bank has enabled over 80 lakh people from rural communities to lift themselves out of poverty, thanks to small business loans from the microfinance bank, said the group in a statement.
"Friends of Grameen" aims to promote microcredit and social business, both championed by Dr Yunus.
Source: The Daily Star (May 5, 2011)
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