The government should immediately void the amendment made to the Grameen Bank Ordinance as the changes are out of touch with reality, a group of professionals said yesterday.

In a joint statement, 160 people from different professions yesterday expressed grave concern over the future of Grameen Bank.

They said the government move to gain control of the Noble-winning organisation by way of the amendment has not only surprised the country's conscientious citizens but also people the world over.

“We think it has tarnished Bangladesh's image on the international level.”

People from all walks of life, including intellectuals, eminent citizens, politicians, teachers, women leaders, have criticised the government move, according to the statement.

"It proves the government move is far removed from people's perceptions. The government should annul the amendment without further ado," it said.

The group highlighted the fact that 84 lakh poor women had 97 percent ownership of the microcredit organisation, while the government had only a 3 percent stake.

"Given these conditions, amending the Grameen Bank Ordinance to give sole power to the government-appointed chairman to pick the managing director of the bank seems ill-intended.”

“The participation of the rural women in running the bank was not given any importance -- they have been made peripheral to the organisation by the amendment," it said.

Favouritism is bound to creep into the selection of managing director, just like it has happened in the case of state-run banks, the statement reads.

“It has not yielded good fruits [in case of state-run banks] -- and the results are not satisfactory.”

The statement said the procedure through which the managing director was selected and the board was run in the last 30 years is what has made Grameen Bank a Nobel Peace prize-winning organisation.

"Then what is the point of this amendment?" it asked.

"Why do the organisation's 97 percent stakeholders not have the liberty to choose their chief executive? The amended ordinance is totally conflicting with other existing laws of the country, as well as around the world, and hence, is questionable."

The group of professionals said a top audit firm, appointed by the central bank, properly inspected the accounts of Grameen Bank every year, in line with the country's audit standards.

Bangladesh Bank, too, conducted the audit, from branches to head offices, every year with its skilled officials.

“Those audit reports are testament to the transparency of Grameen Bank's accounts and its financial management,” it said.

The signatories in-clude AFM Yusuf Haider, a former vice chancellor of Dhaka University; Rumana Parvin, assistant professor of Dhaka University; Imdadul Haque FCA; Advocate Afajalul Haque; Prof Yakub Ali and Engineer Nurul Haque.

News: Daily Star/Bangladesh/30-Aug-12