Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Lawsuits filed against Bangladeshi Nobel laureate Muhammad Yunus

About Muhammad Yunus
  • Muhammad Yunus is a Bangladeshi social entrepreneur, economist, banker and civil society leader.
  • He founded Grameen Bank in 1976 and pioneered the concepts of microcredit and microfinance; he and the bank were jointly awarded the 2006 Nobel Peace Prize.
  • One of the most effective and innovative campaigners against poverty, Grameen Bank, provides collateral-free micro-loans to the rural poor and local entrepreneurs in Bangladesh.

  • Muhammad Yunus forced off Grameen Bank's board in 2011
  • In a move allegedly orchestrated by Bangladeshi Prime Minister Sheikh Hasina, Muhammad Yunus was forced off Grameen Bank's board in 2011.
  • She also accused him of "sucking blood" from the poor.
  • He had been at odds with her since 2007, the year when he made "a brief foray" into Bangladesh's highly polarized politics.
  • He challenged his removal in the country's highest court but lost.

  • Painted as un-Islamic in 2013
    In 2013, reports emerged that the "hounding" of the micro-finance pioneer had "turned more personal and dangerous." He was the subject of a hate campaign backed by the state that painted him as "un-Islamic" and a spreader of homosexuality.

    Yunus's family and bank investigated for tax irregularities
  • In Dec'16, authorities launched a fresh investigation into the financial matters of Yunus, his family, and Grameen Bank for tax irregularities in a case some believed was politically motivated.
  • The Central Investigation Cell of the National Bureau of Revenue sent notices to banks in Bangladesh for the required financial information.
  • The Nobel laureate was also asked for documentation to "verify" his income and expenditure.

  • Lawsuits filed against Bangladeshi Nobel laureate Muhammad Yunus
    17 Mar 2017
  • The staff at Bangladesh's Grameen Telecom (GTC), established by microfinance pioneer and the country's only Nobel laureate, Muhammad Yunus, sued him over alleged unpaid dues.
  • GTC reportedly had a legal obligation to share the profits with its employees; the company holds nearly one-third stake in Bangladesh's largest mobile operator.
  • Ten former and current employees filed cases naming GTC and its chairman Yunus.

  • Staff's claim is not valid, says GTC MD Ashraful Hassan
  • Grameen Telecom staff's lawyer Jafrul Hasan Sharif said the company reported profits of $260 million in the last decade but didn't give the employees their share.
  • GTC's Managing Director Ashraful Hassan has also been named in the lawsuits.
  • Hassan said the company would fight the case and that all the profits were "plowed back" into GTC.
  • He added, "Their (staff) claim is not valid."

  • Lawyer Jafrul Hasan Sharif's statement
    "Under labour laws, Grameen Telecom must share five percent of its net profits with its employees and the government. Its total due from 2006-2015 is 1.08 billion Taka ($13.4 million) of which 80% should be paid equally to the company's former and current employees."

    This post first appeared on NewsBytes: Latest News, Breaking News India, Today News, Current News, please read the originial post: here

    Share the post

    Lawsuits filed against Bangladeshi Nobel laureate Muhammad Yunus


    Subscribe to Newsbytes: Latest News, Breaking News India, Today News, Current News

    Get updates delivered right to your inbox!

    Thank you for your subscription