Bangladesh: Nobel laureate Muhammad Yunus condemns ‘forced takeover’ of his companies

Bangladeshi Nobel Peace Prize winner Muhammad Yunus, dubbed the “banker of the poor” and recently convicted in a ruling his supporters said was political, said on Thursday that several of his companies had been subject to “forceful takeovers.”

Muhammad Yunus, 83, is known for helping millions of people out of poverty with his pioneering microcredit bank. But he fell out with Prime Minister Sheikh Hasina, who accused him of “drinking the blood” of the poor.

At a press conference, he said that four days ago a group of “outsiders” came to the building that houses several of his companies and “forcefully” took control of the offices, barring employees. “We have big problems. This is a big disaster,” he continued. “They are trying to take over companies on their own terms.”

Blocked access to your employees

According to Muhammad Yunus, the police refused to register a complaint: “They determined that there were no problems” with the occupation of the premises. Earlier on Thursday, dozens of people, who staff said they were supporters of the ruling Awami League party, stood at the building’s entrances to block staff from entering.

“They did not allow us to enter the building,” Mainul Hasan, managing director of one of Muhammad Yunus’ companies, told AFP. Some of those who were able to enter the building told those present that several companies had new directors, employees said.

Muhammad Yunus and three managers at Grameen Telecom – one of the companies he founded – were sentenced in early January to six months in prison for violating labor laws and failing to set up a provident fund, drawing criticism from human rights activists. The four defendants, who appealed and remain free on bail, deny the charges.

Ban Ki-moon and Barack Obama defend him

Muhammad Yunus faces more than a hundred other charges related to alleged labor violations and corruption allegations. In August, 160 international figures, including former US President Barack Obama and former UN Secretary-General Ban Ki-moon, published a joint open letter condemning the “ongoing legal harassment” of which the microcredit pioneer has been subjected. The signatories, including more than 100 Nobel laureates, said they feared for “his safety and freedom.”

Critics accuse Bangladesh’s courts of blindly approving decisions by Sheikh Hasina’s government, which has become increasingly brutal in its crackdown on political opposition.

The opposition boycotts the elections

Sheikh Hasina began her fifth term in January following an opposition boycott of the elections. The 2006 Nobel Peace Prize-winning economist’s popularity made him a potential rival to the prime minister for years.

Farooq Faisel of the human rights organization Ain o Salish Kendra told AFP that he and his colleagues were “really shocked” by the latest developments regarding Muhammad Yunus. “These incidents are another example that the judiciary in Bangladesh is not independent,” he said. “Here the judicial system is controlled by the powerful.”