"Dhaka, Dec. 1: A Danish documentary has made public documents which it said
reveal that Bangladesh Nobel laureate, Mohammad Yunus had diverted development
aid from foreign countries meant for Grameen Bank to for-profit ventures in 1996.
According to the documentary aired on Norwegian national television, the authorities
there discovered in 1997 that aid totalling 608 million kroner (around $100 million)
contributed to the Grameen Bank had been diverted by Yunus and his closest
associates to Grameen Kalyan, a company that apparently was not involved in
microcredit operations. The contributions were made by several countries, including
Norway.
The film refers to another alleged transfer of $175 million. The documentary quoted
Prof. Jonathan Morduch from New York University as saying that Grameen Bank,
which also won the Nobel Peace prize alongside Yunus, received $175 million in
subsidies to give tiny loans to poor people."
http://www.telegraphindia.com/1101202/jsp/nation/story_13248375.jsp
reveal that Bangladesh Nobel laureate, Mohammad Yunus had diverted development
aid from foreign countries meant for Grameen Bank to for-profit ventures in 1996.
According to the documentary aired on Norwegian national television, the authorities
there discovered in 1997 that aid totalling 608 million kroner (around $100 million)
contributed to the Grameen Bank had been diverted by Yunus and his closest
associates to Grameen Kalyan, a company that apparently was not involved in
microcredit operations. The contributions were made by several countries, including
Norway.
The film refers to another alleged transfer of $175 million. The documentary quoted
Prof. Jonathan Morduch from New York University as saying that Grameen Bank,
which also won the Nobel Peace prize alongside Yunus, received $175 million in
subsidies to give tiny loans to poor people."
http://www.telegraphindia.com/1101202/jsp/nation/story_13248375.jsp