Yunus remains Grameen Bank chief despite court verdicts

This is despite three verdicts upholding Muhammad Yunus` removal by Bangladesh Bank.

Updated: May 07, 2011, 16:53 PM IST

Dhaka: Nobel laureate Muhammad Yunus is still the chief of Grameen Bank and will continue to be so until the bank`s board of directors appoints a new managing director, his lawyer has said.

This is despite three consecutive verdicts by the high court and the supreme court upholding his removal by Bangladesh Bank, the country`s central bank.

The lawyer`s statement came on Saturday after the Supreme Court affirmed a High Court verdict on two petitions, one by Yunus and the other by nine directors of Grameen.

Following the verdict, Attorney General Mahbubey Alam, the highest law officer of the government, said Yunus cannot continue as the bank`s chief.

However, one of the women directors of the bank, demanded that Yunus be made chairman of the bank, the micro-credit lender that he founded three decades ago.

Noted economist Debopriyo Bhattacharya of the Centre for Policy Dialogue has urged that Yunus be retained with the bank "in advisory capacity".

Bangladesh Bank removed the Nobel Laureate from the top post through a letter on March 02, asking Grameen Bank`s board of directors to take steps to that end, Yunus lawyer Rokanuddin Mahmud told the media.

A person has to remain in an office out of necessity until a successor is appointed. It is not the case that Yunus has to go right away, he has to hand over the charge to someone, Rokanuddin explained.

He added that the Bangladesh Bank letter also does not mention that Yunus must leave right away.