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Questions by critics on Grameen Bank and the facts

by Yunus Centre
***A debate is now ongoing on the performance and legal standing of Grameen Bank, and the role played by its founder, Prof Muhammad Yunus. Yunus Centre has compiled a set offrequently asked questions and provided answers to them. The Daily Star reproduces, in installments, the full document for the sake of informed public opinion on this vital issue that has attracted tremendous national and international interest.****
[Fourth Installment]
Q21: Do 'Grameen' organisations pay tax or VAT to the government?
Answer: All of the organisations created by Professor Muhammad Yunus regularly pay tax and VAT. They tire all audited yearly. Just like any other business organisations, these organisations also come under the oversight of respective regulatory agencies. The companies that required approval from the Board of Investment received approval from the Board of Investment. Companies that are required to submit returns to Registrar of Joint Stock Companies (RJSC) do so regularly. Companies needing approval from the NGO Bureau have taken the approvals. No company is beyond the regulation of the government.
Q22: Hasn't Professor Yunus financially deprived Grameen Bank by setting up the office of "Yunus Centre" in an eleven thousand square feet floor at the Grameen Bank Bhaban without paying any rent?
Answer: Just as the government rewards eminent personalities for bringing honour to the country or winning sports teams are provided with special gifts for enhancing the country's reputation, in the same way the Grameen Bank Board donated one of the floors of its building to Professor Yunus for his permanent use, for building Grameen Bank into such a prestigious institution. In order to preserve and expand Professor Yunus's thoughts, ideas and works a trust named "Nobel Laureate Trust' was formed to which one floor (the 16th floor) was donated. The Nobel Laureate Trust then leased out the floor to Yunus Centre for its use at a nominal rent for twenty four years.
The main objective of the Yunus Centre is to spread Nobel Laureate Professor Muhammad Yunus's vision at home and abroad, strengthen his past activities, sustain the pace of innovative ways he has been working to help humanity, and encourage young people in creating anew and better world.
Q23: Hasn't Professor Yunus earned crores of taka from abroad and shown this under the Wage Earners Scheme to evade taxes?
Answer: Professor Yunus has a significant earning every year from abroad. The sources of his foreign
income are: 1) Speaking at different institutions and conferences, 2) Royalties from different books that he has written and published in different countries translated into various languages, 3) Prize money from the Nobel and other such international prizes.
Professor Yunus receives a very high fee for speaking at international conferences. In many places audiences have to purchase tickets to hear him speak. Several books written by him have been translated into at least 25 languages around the world. His books have been included in the New York Times Best Seller list.
He remits earnings from books, speeches and prizes back to Bangladesh through the formal banking channels. If a Bangladeshi remits his income through the formal banking channels, according to the tax laws, that income is tax-free. Bylaw, therefore his foreign income is tax-free. He declares all his other earnings regularly in his income tax returns. He has been paying taxes to the income tax authority on all his income on a regular basis according to the assessment made by the authorities.
Q24: Isn't ProfessorYunus deceiving the public by promoting Social Business without any legal framework?
Answer: There are no legal differences between "Social Business" and traditional business. There is only one practical difference. In a traditional business, the owner personally takes the profits; in a Social Business the owner of the business cannot take the profits. The profits are reinvested in the company and used for growth and development. This is a decision made by the owners of the business. Law plays no role in this. There is no need to make any new laws for Social Business. The existing laws governing traditional business is sufficient for Social Business. ProfessorYunus does not want any special treatment from the government for any Social Business.
Social Business is an idea from ProfessorYunus.
Anyone can set up a Social Business voluntarily. Many in Bangladesh and in other countries have set up Social Businesses. In an initiative that is completely devoid of any personal gain, how can someone raise the suspicion of deception? All the Social Businesses that have been established in Bangladesh have been
set up following the existing laws of Bangladesh. Q25: ProfessorYunus has illegally earned a lot of money by serving as Managing Director of Grameen Bank despite government's rule for retirement age limit of 60 years? Why hasn't he made the records of this illegal income as salaries and benefits public?
Answer: ProfessorYunus served as the Managing Director of Grameen Bank after crossing sixty years of age in the period June 29,2000 and May 12,2011. In these 11 years, he made Tk. 52 lac and 94 thousand as salary and allowances. After deducting 7.5% maintenance expense from this income for house rent, his take-home pay was Tk. 38 lac and 82 thousand. His average monthly income (take-home pay) wasTk. 29 thousand 900.
Q26: Why did ProfessorYunus cling on to the position of Managing Director of Grameen Bank personally? He should not have listened to the Board. Doesn't he realise that he has grown old?
Answer: ProfessorYunus had tried to retire from the position of Managing Director of Grameen Bank a number of times. However he failed to do so owing to the resistance from the board of directors. In the end, he personally wrote to the current honorable finance minister a few years back. He asked for his assistance to retire from the position of Managing Director. The honourable finance minister even provided his verbal approval. However, he did not proceed with the proposed plan (The exact letters were published in a few national dailies).
Professor Yunus's objection is not on having to stand down from the position. His objection was to the reason mentioned in the letter of his removal. He wanted to let the Court know that just as the Board of Directors of Grameen Bank was interested to keep him as Managing Director, so was Bangladesh Bank. The relevant supporting documents are available. He wanted to present these to the Court. However, the Honourable Court refused even to listen to his plea. He was already anxious to leave the position, so there is no question of insisting on staying. All was done to justly portray the actual situation to everyone and to clarify any misunderstanding.