Grameen stakeholders should protest, says Yunus

Grameen stakeholders should protest, says Yunus

Yunus, who resigned after he lost three court battles against his removal from the post of the bank's managing director, told shareholders - recipients of the credit - to be vigilant and asked them "not to remain silent".

The letter, addressed to shareholders and released Tuesday, came amid "widespread speculation that his removal was part of a coordinated government ploy to take the full control of the bank", The Daily Star said.

"Grameen Bank is a priceless wealth for you. Do not give away this to anyone. You are the owners of this bank. Do not let go of this ownership," Yunus said.

"If anyone speaks about taking away the ownership of Grameen Bank, if anyone speaks against your bank, then you must protest against it…. If you remain silent, the bank will be taken away from your possession," he said.

The government effectively has only 3.29 percent share in terms of paid-up capital and the borrowers own the rest.

Yunus said the members of the microcredit agency are set to face tough time following his departure from the bank he founded three decades ago.

"Soon you will be put under difficult tests. You must prepare yourself from now on to come out successfully from these tests. If you are able to protect this bank, then your children and descendants will be benefited from its wealth."

Bangladesh Bank, the country's central bank, removed Yunus, saying his continuance as managing director was "illegal" since he is 71 years old.

Prime Minister Sheikh Hasina has told foreign governments and eminent personalities who formed "Friends of Grameen" body earlier this year that it was not interested in controlling the bank.

Yunus and the bank that he founded were jointly awarded the Nobel Peace Prize in 2006.