Dhaka, Feb. 18 -- Grameen Bank Chairman AKM Saiful Majid has defended the takeover of seven organisations, of which Muhammad Yunus was chairman, saying they were founded with the microlender's funds, not the Nobel laureate's money.

Saiful came up with the remark at a press conference at the Grameen Bank headquarters in Dhaka on Saturday after Yunus alleged forceful takeover of the organisations last week.

Saiful said the appointment of chairman and directors in the organisations was done in keeping with the law.

He also accused Yunus of channelling Grameen Bank's funds and said he has evidence to back these allegations.

"The seven organisations belong to the Grameen Bank because they were founded with the bank's funds. Letters were se...