Thursday, December 07, 2006

Telenor says no quarrel with Yunus

Telenor of Norway and Grameen Bank of Bangladesh are joint venture partners in GrameenPhone, the dominant mobile phone company in Bangladesh. Telenor owns 62% and Grameen 38% in GrameenPhone. | Reuter News

Yunus, Nobel Laureate and founder of Grameen Bank has apparently claimed that Telenor had agreed to transfer majority shares in GrameenPhone to Grameen Bank "within six years". But Telenor claims no such agreement ever took place.

Yunus has also been quoted by Fortune as saying "they're [Telenor] oriented towards profit maximisation. We're oriented towards social objectives."

Telenor has retorted by saying that "this undertaking [GrameenPhone], which was set up as a business project from day one, has probably helped more people than all other development aid programmes together."

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