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David Roodman's Microfinance Open Book Blog


The Grameen has circulated a detailed response to the investigative committee's report (hat tip once more to Asif Dowla). It is labelled as a reply to the press coverage, but by the end of the first page addresses itself to the report per se.

It begins this way:

The Review Committee Report submitted to the Finance Ministry by the Bangladesh Bank on 25 April 2011 does not contain any allegations of corruption or misuse of funds by Grameen Bank, Professor Yunus or anyone working within Grameen Bank. In addition, the Report does not contain any objection or statement that Professor Muhammad Yunus, any member of his family or any other person involved in the activities related to Grameen has personally benefitted either financially or in any other way.

The Report confirms that there was no wrongdoing with regard to NORAD funds. The Report recognizes that GB’s interest rate is the lowest among microfinance organizations in Bangladesh including government run microfinance programmes.

The Committee has reached the conclusion that Grameen Bank and its sister organizations have had a profoundly positive impact on the socio-economic condition of Bangladesh.

The report does not contain any objections of wrongdoing or lack of transparency of any kind with regard to Grameen Bank’s management of its overall loan, savings, insurance and other programs.

Maybe I am wrong, but I think I hear Professor Yunus's voice in this document. On a quick read, it doesn't change my understanding of things. The document asserts, for example, that the sister Grameen organizations are not subsidiaries even if governed by officers of the Grameen Bank. That's been my presumption, and the Grameen Bank saying so doesn't make me more or less certain about it.

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