Grameen Telecom yesterday vehemently protested a claim made by the government-appointed chairman of Grameen Bank that Grameenphone will have to share its profits with the microcredit organisation.

"If GP was supposed to give Grameen Bank 35 percent of its profits in the first six years of its operation, and 65 percent of its profits after that period, then why has Muzammel Huq, as chairman of Grameen Bank, not taken any legal action to force GP to pay off the due amount?" Grameen Telecom said in a statement.

"As he is the one to inform the media about this, it would be his responsibility to reveal this 'secret' agreement between GP and Grameen Bank."

Grameen Telecom said it has no information to date about the “secret agreement" about profit sharing.

"Could it be that this is the same mysterious source from which Huq pulls out his mysterious information, with no reference to reality?"

The statement came two days after the chairman said Grameen Bank has not received the profits it was supposed to—from Grameenphone.

While talking to reporters at the secretariat on Monday, Huq also said

Tk 10,000 crore of GP's money meant for Grameen Bank is missing.

This was not first time the chairman has come up with such figures.

On January 24, Huq had given another figure, without citing any reference or source. At that time, he said Tk 30,000 crore of GP money meant for the bank was missing. Grameen Telecom demanded an explanation from Huq on how he came up with such figures.

"Mr Muzammel Huq will have to explain to the people of the country from where he produces the figures such as Tk 30,000 crore andTk 10,000crore. What is the source ofhis information?"

Grameen Telecom owns 34.2 percent of GP's shares. The mobile operator's majority shareholder is Norway's telecom company Telenor that owns 55.8 percent; and the remaining 10 percent are free floating and held by 68,000 shareholders.

Grameen Telecom has received Tk2,768 crore in profits from GP. Of the amount, Grameen Telecom has paid Tk 532 crore in taxes, accordingtothestatement

The sensation that Huq has created has led many people to compare this issue with the Hall-Mark scandal.

"That false allegation will keep spreading without basis and will continue to give wrong impression about Nobel Laureate Prof Yunus and the

institution that he has created," it said.

Huq had also said the money was given to Grameen Telecom and he does not know how Grameen Telecom has used the money.

But Grameen Telecom said Grameen Bank Founder Prof Muhammad Yunus earlier said in detail how the money from the dividends received from GP by Grameen Telecom was used to repay all the Ioans taken from commercial banks and other sources to invest in the equity of the mobile operator.

A part of the money is given out as education loans to impoverished boys and girls. In addition, major initiatives have been taken in the health sector with these funds.

In order to ensure that the income of Grameen Telecom is properly utilised in creating various initiatives to help solve social and economic problems, the Grameen Telecom Trust has been established.

Grameen Telecom donates its income to the Trust, which has already initiated various projects geared towards public welfare.

Huq is still unaware of how the money has been used after such detailed information, Grameen Telecom said. "Then there is nothing for us to do."