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Yunus moves apex court against removal from Grameen Bank

Last Updated: Wednesday, March 9, 2011 - 22:11

Dhaka: Bangladeshi Nobel Laureate Muhammad Yunus Wednesday filed a petition in the Supreme Court to seek a stay on the high court judgment upholding his dismissal as Grameen Bank managing director.

Yunus` lawyer filed the petition with the Appellate Division of the Supreme Court Wednesday, a day after a two judge high court bench said that his continuance as managing director after 1999 was illegal,, a news website reported.

The bench of justices Muhammed Mamtaz Uddin Ahmed and Gobinda Chandra Tagore Tuesday dismissed two writ petitions - one filed by Yunus and the other by nine directors of the bank - against the March 2 order of Bangladesh Bank, the country`s central bank, removing Yunus. It observed that the Grameen Bank founder had been re-appointed improperly.

Grameen, the micro-credit bank for rural women, has been replicated in many countries across the world.

Yunus and the bank jointly won the 2006 Nobel Peace Prize.

Yunus`s removal led to protests at home and abroad.


First Published: Wednesday, March 9, 2011 - 22:11
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