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Yunus challenges removal from Grameen Bank in High Court

Last Updated: Thursday, March 3, 2011 - 14:24

Dhaka: A day after he was sacked as the
chief of the Grameen Bank, Nobel Laureate Professor Muhammad
Yunus today challenged his removal in the High Court.

"We have filed a writ petition against the Bangladesh
Bank order relieving him from the post of Managing Director of
the Grameen Bank," his lawyer told PTI.

A two-member High Court bench comprising judges Momtaz
Uddin Ahmed and Gobinda Chandra Thakur will take up the case
later today.
Bangladesh Central Bank in an order yesterday removed
Yunus, a celebrated micro-financier as head of the Grameen
Bank, which he founded, citing that he had violated country`s
retirement age.

The government owns 25 per cent stake in the Grameen
Bank, while the rest is held by borrowers.

A leading Supreme Court lawyer Kamal Hossain would
appear on behalf of the 70-year old Yunus.

"It is a legal affair and I have come to discuss it,"
Yunus told newsmen late yesterday after he consulted Hossain
late after receiving the order of his removal.

The micro-financiers firing caps a running battle with
the government of Prime Minister Sheikh Hasina in recent
months, during which he has faced a defamation suit by a local
politician alleging that he misappropriated Norwegian
development funds and accusations that he was overage.

A Central Bank official had said, he had been stripped
off his position as his appointment violated the Grameen Bank
Ordinance 1983 that stipulates a Managing Director must be
appointed with prior approval of the central bank.
According to the ordinance, Yunus was serving as a
whole-time officer and the chief executive of the Bank.

Hasina and Yunus recently had a verbal dual when the
micro-financier suggested that he should form his own
political party.

Following this tiff, Hasina accused the Nobel laureate
of treating the Grameen Bank as his personal property and
claimed that the group "was sucking blood from the poor".

The development came two days after the 70-year old
Nobel Laureate apparently was exposed to a fresh trouble on
retirement age issue as the central bank in a letter to the
government reportedly said he was flouting Bangladesh
retirement rules by serving as head of his Grameen Bank.

According to media reports Bangladesh Bank in a letter
to the finance ministry had said that Yunus had passed the
retirement age of 60.


First Published: Thursday, March 3, 2011 - 14:24

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