The Associated Press April 25, 2011, 8:48AM ET

Bangladesh's Yunus cleared of fund transfer charge

A government committee has found no irregularities in Nobel laureate Muhammad Yunus' transfer of Norwegian development funds from his Grameen Bank to another one of his ventures, the finance minister said Monday.

Yunus was ordered out of the microfinance bank he founded earlier this year after the central bank said he had violated retirement laws.

The man who pioneered microfinance has been under pressure at home because of frosty relations with the prime minister and a Norwegian television documentary that accused him transferring funds without proper approval.

But on Monday, Bangladesh's Finance Minister Abul Mal Abdul Muhith said the committee submitted its findings to him and cleared him of wrongdoing in the transfer.

Pressure from the Norwegian Embassy in Dhaka resulted in the funds being transferred back in 1998, and the Norwegian government has already said there was no indication Grameen was engaged in corruption or embezzlement.

Muhtih didn't give further details.

The committee was assigned to look into the allegations and make recommendations to the government.


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