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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Bangladesh's Grameen Bank denies wrongdoing AFP - Saturday, December 4 Send IM Story Print Bangladesh's Grameen Bank denies wrongdoing DHAKA (AFP) - – Bangladesh micro-lender Grameen Bank has denied any wrongdoing after Norway ordered a review of a transfer by bank founder Nobel Peace Laureate Muhammad Yunus of millions of dollars of aid money. A documentary called "Caught in Micro Debt" and aired earlier this week on Norwegian television alleged cash was diverted from Grameen Bank, which provides small loans to the poor, to other parts of the Grameen group. The Norwegian government has since asked aid agency Norad to "review" the transfer of nearly 100 million dollars of aid to Grameen Kalyan, a separate company which is not involved in micro-credit operations. "There was no wrongdoing in the agreement between Grameen Bank and Grameen Kalyan," Grameen Bank said in a statement released late Friday. The 96 million dollars of aid was transferred for tax purposes to enlarge funds available to micro-borrowers and was loaned back to Grameen Bank the same day, the statement said, dismissing reports of wrongdoing as "sensationalism". The claims are based on a trove of letters and documents relating to the transfer, which the documentary's director Danish filmmaker Tom Heinemann said he had discovered in the Norad archives in Oslo. The letters, which date from 1996 to 1998 -- a decade before Yunus and Grameen were awarded the Nobel Prize in 2006 -- show a conflict between the Norwegian embassy in Dhaka and Grameen Bank over the aid transfer. When his actions were challenged in the correspondence, Yunus wrote to the head of Norad requesting the disagreement be kept quiet. "This allegation will create a lot of misunderstanding within the government of Bangladesh. If the people, within and outside government, who are not supportive of Grameen get hold of this letter, we'll face real problem(s) in Bangladesh," he wrote, according to a copy posted online. Following the objections by the Norwegian embassy, "all the donors money was transferred back," Grameen said in its statement, adding there was "nothing secretive about (the transaction). It was a matter of honest disagreement." Heinemann told AFP that he had not accused Yunus of personally benefiting from the transfer. The allegations come at a time when the micro-finance industry is already under fire both in Bangladesh, which has capped micro-lending interest rates following criticism of excessive profits, and neighbouring India. Recommend Send IM Story Print Related Articles Zain shareholder threatens to sue any Zain Saudi buyers Reuters - 17 minutes ago Brazil's Vale says it will list in Hong Kong AFP - 18 minutes ago WRAPUP 1-Obama touts S.Korea trade deal, looks for more Reuters - 35 minutes ago Australia's AMP: wealth plans focus of AXA merger AFP - 54 minutes ago MIDEAST STOCKS - Factors to watch - Dec 5 Reuters - 1 hour 4 minutes ago News Search Top Stories Ireland facing tough annual budget to secure bailout Ex-fugitive Nadir threatens to sue British police Madrid forces end to air controllers strike Serbs stick with Zimonjic and Troicki for doubles Gbagbo denounces foreign 'interference' in I.Coast More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended NASA finds new form of life... on Earth WikiLeaks arrest looms as site fights to stay online Obama on surprise Afghanistan visit, says US winning war Climate: Kyoto row rocks UN talks Suspect in Hollywood PR shooting commits suicide More Most Viewed » NASA finds new form of life... on Earth Pilgrims stone 'devil' as Muslims celebrate Eid World leaders scramble for funds to save the tiger US, S.Korea plan war games after N.Korean attack Obama gets 12 stitches after 'elbow in the lip' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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