Bangladeshi Court Rejects Muhammad Yunus' Appeal Over Removal From Grameen Bank

    Bangladesh’s supreme court has dismissed Nobel laureate Muhammad Yunus’ appeal against a ruling that upheld his removal as managing director of Grameen Bank, the microlending institution he founded some 30 years ago.

    Yunus filed the appeal with the country’s supreme court after a high court backed the central bank order that ousted him.

    The central bank argued in its memo that the 70-year-old Yunus violated the country’s rule on mandatory retirement at the age of 60.

    >> Muhammad Yunus Files New Appeal Over Dismissal From Grameen Bank

    Yunus’ legal team said it was surprised by the supreme court’s decision to dismiss the appeal, the Guardian says. The Nobel Peace Prize winner did not attend the hearing.

    The supreme court’s decision appears final but Yunus’ lawyers said they still hoped to find another legal avenue that would continue the fight to keep the esteemed development economist in position, the Guardian says.

    The decision brings to a close the bitter battle over the leadership of Grameen Bank. Yunus’ supporters have called the legal saga an attempt by the Bangladeshi government to take over the microlending institution.

    Yunus allegedly earned the ire of Bangladeshi politicians, particularly Prime Minister Sheikh Hasina, after he formed his own a political party in 2007. That brief foray into politics was seen by his enemies as an attempt to remove them from power, BBC says.

    >> At Grameen Bank, Smooth Leadership Transition is Key – David Bornstein

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    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.