Norway clears Grameen Bank

Dec 10, 2010 |

IANS

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Dec. 9: Norway has given a clean chit to the Nobel laureate, Mr Muhammad Yunus’ Grameen Bank that was charged with embezzlement and unauthorised transfer of funds of a Norwegian aid agency, an official statement said.

According to the statement posted on the Norwegian foreign ministry website, the minister for environment and international development, Mr Erik Solheim, said the Grameen Bank had neither embezzled the funds of the Norwegian Agency for Development Cooperation (Norad) nor used the money for unintended purposes.

The minister also said the microfinance institution was not involved in corrupt practices, The Daily Star reported. The remarks came after Norad on Tuesday submitted a report on the charges against Grameen Bank’s alleged undue transfer of funds to sister concern Grameen Kalyan.

Last week, Mr Solheim had requested Norad to prepare a report after a Norwegian TV channel broadcast a series of documentaries on alleged fund anomalies involving the bank.

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