financetom
Technology
financetom
/
Technology
/
Nobel laureate Muhammad Yunus indicted in Bangladesh embezzlement case
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Nobel laureate Muhammad Yunus indicted in Bangladesh embezzlement case
Jun 12, 2024 6:48 AM

DHAKA (Reuters) - Nobel laureate Muhammad Yunus and 13 others were indicted by a Bangladesh court on Wednesday on charges of embezzlement of 252.2 million taka ($2 million) from the workers' welfare fund of his telecoms company.

Yunus, 83, and his Grameen Bank won the 2006 Nobel Peace prize for work to lift millions out of poverty by granting tiny loans of under $100 to the rural poor of Bangladesh, pioneering a global movement now known as microcredit.

The prosecution accuses Yunus and the others of embezzling 252.2 million taka from the welfare fund of Grameen Telecom, which owns a 34.2% stake in Grameenphone, the country's largest mobile phone company and a subsidiary of Norway's telecom giant Telenor ( TELNF ). They are also accused of money laundering.

Yunus denied any involvement in corruption, telling reporters that he and his coworkers were being harassed by the authorities.

Special Judge Syed Arafat Hossain dismissed petitions seeking the charges to be dropped, saying the prosecution had preliminarily demonstrated the misappropriation of funds and the illegal money transfers abroad.

The trial will begin on July 15, he said.

In January, Yunus was sentenced to six months in prison for violations of labour law, which he denied.

Although he is not in prison after securing bail in that case, Yunus faces more than 100 cases regarding the violations and graft accusations, which he said in an interview with Reuters last week was "very flimsy, made-up stories".

During the interview, Yunus said Bangladesh had turned into a "one-party" state as the ruling party stamps out political competition. The government denied his allegations on the cases and the style of rule.

($1 = 117.0000 taka)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
AAR launches Airvoyant℠, an AI-driven procurement platform for airlines and MROs
AAR launches Airvoyant℠, an AI-driven procurement platform for airlines and MROs
Apr 21, 2026
WOOD DALE, Ill., April 21, 2026 /PRNewswire/ -- AAR CORP. ( AIR ) , a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today the launch of Airvoyant, an AI-powered aviation procurement solution that connects buyers directly to suppliers, searches available inventory, requests and consolidates quotes, and guides users to a streamlined, one-click purchasing...
Solidion Awarded Key Patents on Drop-In Solid-State Conversion Technology
Solidion Awarded Key Patents on Drop-In Solid-State Conversion Technology
Apr 21, 2026
Enables Solid-State Battery Production at Existing Li-Ion Facilities Without New Equipment DAYTON, Ohio, April 21, 2026 /PRNewswire/ -- Solidion Technology Inc. ( STI ) , today announced the grant of a series of key patents covering its proprietary liquid-to-solid electrolyte conversion platform — a technology that enables existing lithium-ion battery manufacturers to produce solid-state batteries without new equipment or process...
AXT Announces Pricing of $550 Million Public Offering of Common Stock
AXT Announces Pricing of $550 Million Public Offering of Common Stock
Apr 21, 2026
FREMONT, Calif.--(BUSINESS WIRE)-- AXT, Inc. ( AXTI ) (“AXT” or the “Company”), a leading manufacturer of compound semiconductor wafer substrates, announced today the pricing of an underwritten public offering of 8,560,311 shares of common stock at a price to the public of $64.25 per share. The gross proceeds from the offering to the Company are expected to be approximately $550...
Rockwell Automation to Report Second Quarter Fiscal 2026 Results
Rockwell Automation to Report Second Quarter Fiscal 2026 Results
Apr 21, 2026
MILWAUKEE--(BUSINESS WIRE)-- Rockwell Automation, Inc. ( ROK ) is scheduled to report its second quarter fiscal 2026 results on Tuesday, May 5, before the market opens. The release will be posted on the Rockwell Investor Relations website at www.rockwellautomation.com/en-us/investors.html. A conference call to discuss the quarterly results will be held at 7:30 a.m. CDT on May 5. This call will...
Copyright 2023-2026 - www.financetom.com All Rights Reserved