GB board likely to be dissolved this week

The Grameen Bank board of directors will be automatically dissolved if the GB Law 2013 bill is passed in the House this week, official sources said.

An official of Bank and Financial Institutions Division said the number of Grameen Bank (GB) board members – which would be appointed by the government – would be the same 12 as it was earlier, but a change would be introduced to the formation of quorum.

The quorum would be comprised of three members instead of the existing four. The official added that the government was likely on the two major moves.

The Law and Parliament Affairs Ministry has already vetted the GB Law 2013 bill that has been sent to the parliament.

Finance Minister AMA Muhith is likely to place the bill in the House on Sunday for passing, and the banking division will issue a Security Regulatory Order on the election rule of GB’s board the same day.

Sources in banking division said existing GB board was currently non-functional because of ProfYunus’ strong influence over the bank through nine pro-Yunus women directors despite government intervention.

“We have a plan to hold a vigorous protest against the government’s intervention into Grameen Bank and its existing board,” Tahsina Khatun, a member of Grameen Bank’s board, told the Dhaka Tribune over phone on Saturday.

The finance minister deliberately provoked a crisis in Grameen Bank through amending GB law and election rule of the bank, she also pointed out.

“As per our plan to put a bar on implementing the upcoming government action against Grameen Bank, we are contemplating filing a case against the new law that would come into being,” Tahsina said.

The GB board member added if outsiders were brought in to conduct elections for the bank, it would lead to chaos, she warned.

The female board member claimed that they were elected board members of Grameen Bank and that their tenure would be up in 2015.

Earlier, Muhith said the GB Law 2013 bill would be placed in the parliament on Sunday.

He added that the nine “pro-Yunus” women directors of Grameen Bank would lose their positions once the parliament approved the bill.

“Prof Yunus used to select the women directors as per his choice and there have been no elections in Grameen Bank over the last 30 years since its inception.”

The finance minister noted that under a new set of rules, a new election for the GB board would be held shortly after the GB bill was passed in the House.

News Source:

Dhaka Tribune

Dated:-27-Oct-2013