How Yunus and ‘Grameen’ are benefitting from his position as the ‘Chief Adviser’

By Mohammad Ali Arafat Bangladesh’s economy may be tanking, hundreds of thousands may have lost their livelihoods, law and order may be comparable to a war-zone, and inflation may be out of control, but one “brand” has remained untouched by the woes impacting millions. That being, “Grameen”, the word synonymous with Muhammad Yunus, leader of Bangladesh’s current unelected and unconstitutional regime.

Yunus, his cronies, and the Grameen-related social and business enterprises have had a very prosperous seven and a half months. For instance, Grameen Kalyan was relieved from $54.8 million in taxes: On 3 October, 2024, the High Court mysteriously withdrew its own earlier ruling dated 4 August, 2024 which ordered “Grameen Kalyan” to pay the National Board of Revenue (NBR) TK 666 Crore (approximately US$ 54.8 million) in unpaid taxes from 2012 to 2017.

Grameen Bank got tax exemption for 5 years: On 10 October, 2024, the National Board of Revenue (NBR) provided Grameen Bank tax exempt status for five years until 2029. The exemption includes all types of income, including rental income from properties and vehicles, bank interests, and other earnings.

Government Oversight on Grameen Bank Reduced: It is crucial for a bank which solely focuses on microfinance activities to have government oversight or stake. Surprisingly, a draft ordinance has been prepared by the Interim Govt which aims to reduce the government’s shares in the bank from 25% to 5%, and reducing govt-appointed directors from 3 to 1. While the Interim Govt says this is to increase independence, analysts believe that the real reason for divesting the govt’s stakes in the bank are to bolster the control of the Yunus loyalists in the bank’s management.

Cases Withdrawn and Convictions Reversed: On 7 August, 2024, a day before Yunus was sworn in as the Chief Adviser, the Labour Appellate Tribunal reversed the decision of a Dhaka Labour Court which, on 1 January 2024, convicted and sentenced Yunus and three top officials of Grameen Telecom to six months’ imprisonment for multiple labour law violations. On 11 August 2024, Yunus was acquitted by a Dhaka Court from a corruption case after the Anti Corruption Commission (ACC) withdrew its own case (filed on 12 June 2024) against Yunus for misappropriation of funds from Grameen Telecom workers. On 24 October, 2024, the High Court quashed the proceedings of five cases against Yunus pending with the Labour Court for dismissal of employees of Grameen Telecom. On 17 March, 2025, the High Court dismissed a case filed in 2011 against Yunus and Grameen Shakti for adulteration in yoghurt products.

Lucrative Business Licenses and Authorisations: On 20 March 2025, it was announced that Grameen Employment Services (owned by the Yunus Center and Grameen Education) has received the lucrative overseas employment business license. This is the only license granted since the Yunus Regime came to power. Previously, on 28 January, 2025, Samadhan Services Limited, a concern of Grameen Telecom, received the sought-after approval for becoming a payment service (”digital wallet”) provider, again the only such approval given in the last seven and a half months.

Nepotism and Favouritism in Govt Positions: Long-term Grameen loyalist Nurjahan Begum was appointed Health and Family Welfare Adviser in the Yunus-led Interim Govt. Another long-term Yunus associate Lamiya Morshed (with background in Grameen Trust, Yunus Centre and Grameen Healthcare) was appointed the principal coordinator for SDGs at the Chief Adviser’s Office (a very high ranking policy position). Despite having no background in media or public relations, Apurba Jahangir was appointed as a Deputy Press Secretary to the Chief Adviser. Why? He is the nephew of Yunus.

These are some, not all, of the progresses made by Yunus, his cronies, and his Grameen concerns in the last seven and a half months since his assumption of the role of the Chief Adviser. One does not need to be a legal expert to spot the visible conflicts of interests, palpable breaches of professional ethics, strong evidence of corruption, and the obvious examples of favouritism and nepotism.

Mohammad Ali Arafat is a member of the Awami League Executive Committee and a former state minister for information and broadcasting.