Supreme Court Panel Ends Muhammad Yunus' Leadership of Grameen Bank

    Nobel Peace Prize laureate Muhammad Yunus. Photo by: Rodrigo Sepulveda Schulz / CC BY-NC-SA

    A seven-member panel of the Supreme Court of Bangladesh, the country’s highest court, rejected Thursday (May 5) Muhammad Yunus’ final appeal to remain the managing director of Grameen Bank, the microfinance institution he founded decades ago.

    The panel did not give a detailed explanation for the ruling. Kamal Hossain, Yunus’ counsel, called the process “unprecedented,” according to The Wall Street Journal.

    The seven-member panel’s decision was the legal team’s last hope for Yunus’ reinstatement.

    Last April, Yunus lost an appeal over a high court ruling that removed him as managing director of Grameen Bank. The central bank of Bangladesh ousted him from the position, citing the mandatory retirement age of 60. Yunus is 71 years old and was accused of violating retirement laws that require people over 60 to seek government approval if they are to stay in the workforce. The loss prompted his legal team to elevate the appeal to the Supreme Court, which also rejected it.

    >> Bangladeshi Court Rejects Muhammad Yunus’ Appeal Over Removal From Grameen Bank

    Yunus founded Grameen Bank, which gives loans to the poor without any collateral. He and the bank were awarded the Nobel Peace Prize in 2006.

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    About the author

    • Louie-An Pilapil

      Louie-An is a former senior development analyst at Devex Manila. She has held consulting and editorial positions at the Asian Development Bank in Manila and a business-to-business media company in Hong Kong and mainland China.