DHAKA, Bangladesh — Bangladesh has decided to expand the power of the government-appointed chairman at pioneering micro lender Grameen Bank. Government spokesman Musharraf Hossain Bhuiyan says amending the law will allow the chairman to appoint the managing director of the bank. That authority is now held by the bank’s board of directors.
The bank’s founder Muhammad Yunus says the change will pave the way for the government to take control of the bank that has pulled millions of poor rural women out of poverty. Grameen has been without a managing director since last year after the government sacked Yunus in a dispute over his retirement age. The nine elected members of the board are all Yunus supporters.
He and the bank were awarded the Nobel Peace Prize for their anti-poverty efforts.
Categories: Asia, Bangladesh
Let’s see how long they will take to destroy it…