Yunus cleared of charges of misappropriating aid money
25 Apr 2011
Nobel laureate Mohammed Yunus was today cleared of charges of misappropriation of Norwegian aid money for his Grameen Bank.
The finding by an official committee, however, is unlikely to change the Bangladesh government's decision on his ouster, reports said.
The report comes after the celebrated pioneer of micro-finance was forced to quit the Grameen Bank on 2 March, which Yunus had founded nearly three decades ago.
According to Bangladesh finance minister AMA Muhith, the committee appointed by the government to investigate Grameen Bank's operations had found no evidence of financial irregularities.
"The (government) review committee said it did not find any irregularity in handling of the foreign fund," he told newsmen as the committee submitted its 50-page report.
He said the committee had also reported that the effective interest rate of the micro financer - 20 per cent on basis loans - was the lowest compared to other micro lending agencies in the country.
