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Grameen founder Yunus loses final dismissal appeal

Category: Business

Published: 5th Apr 2011 09:35:44

Nobel laureate Muhammad Yunus has lost his final appeal in Bangladesh's Supreme Court against his sacking from the Grameen micro-finance bank he founded.

The court upheld the decision by the central bank to remove him from office.

The bank said Professor Yunus had been improperly appointed while past retirement age.

But Professor Yunus said the attempt to remove him from the bank had been politically motivated.

The Grameen Bank has pioneered micro-lending to the poor by giving small loans to millions of borrowers.

This was Professor Yunus's last legal option to keep his job as managing director of the Grameen Bank. In March Bangladesh's High Court ruled that his dismissal was legal.

The appeal in the supreme court challenged that verdict.

Source:
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BBC News, 2011. Grameen founder Yunus loses final dismissal appeal [Online] (Updated 5th Apr 2011)
Available at: http://www.ukwirednews.com/news/143591/Grameen-founder-Yunus-loses-final-dismissal-appeal [Accessed 25th Apr 2014]

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