Grameen loses Founder
Muhammad Yunus, Nobel laureate and founder of the Grameen Bank in Bangladesh, lost his final appeal in the Bangladesh Supreme Court last month against his sacking from the Grameen micro-finance bank.
The country’s central bank removed the 71-year-old Professor from his post in March this year, saying his continuing work at Grameen bank violated laws stipulating that public servants must retire once they reach the age of 60.
Earlier, Bangladesh’s High Court had ruled that the Professor’s dismissal was legal. Later last month, Yunus lost his last legal option in the Supreme Court to keep his job as managing director of the Grameen Bank. The court upheld the decision by the central bank to remove him from office.
In December last year, Prime Minister Sheikh Hasina Wajid had accused Professor Yunus of treating Grameen Bank as his “personal property” and said it was “sucking blood from the poor.” The Bangladeshi government set up a review committee in January this year to look into the bank’s affairs amid reports it could be taken over.
Professor Yunus’s removal from the Grameen Bank sparked criticism from some of Bangladesh’s foreign donors, including the U.S. His supporters say he fell out with Bangladesh’s Prime Minister Sheikh Hasina after trying to launch his own political party in 2007.
The Grameen Bank has pioneered micro-lending to the poor by giving small loans to millions of borrowers. Prof. Yunus, also known as the micro-credit guru, is considered to be a pioneer of micro-financing. His initiative won him the Nobel Prize for Peace in 2006.