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Court upholds Yunus' ouster from Grameen Bank

News18

Updated: March 8, 2011, 3:41 PM IST
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Court upholds Yunus' ouster from Grameen Bank
Bangladesh HC said prior permission of the Bangladesh Bank was not taken when Grameen Bank appointed the Nobel laureate.

Dhaka: In a major setback to Nobel laureate Muhammad Yunus, the Bangladesh High Court on Tuesday upheld his dismissal from the Grameen Bank he founded nearly three decades ago.

The petitions by 70-year-old Yunus challenging legality of a Central Bank order removing him as Managing Director of the Grameen Bank "are rejected," said justice Momtaz Uddin Ahmed, the senior member of a two-judge bench which delivered a lengthy judgement after three days of hearing on his writ.

The bench, which had Gobinda Chandra Thakur as another judge, said that despite being a mandatory provision, the prior permission of the Bangladesh Bank was not obtained when the Grameen Bank Board appointed Yunus as the executive chief of the pioneering micro-lending agency, which Yunus founded in 1983.

At the crowded courtroom, Yunus was represented by only one of his junior lawyers Sara Hossain, who said "what we had apprehended appeared true." Attorney General Mahbubey Alam and the Central Bank lawyers, however, were present as the judgement was passed.

First Published: March 8, 2011, 3:41 PM IST
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