Bangladeshi High Court Upholds Removal of Grameen Bank Head
- 13 years ago
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The Bangladeshi High Court has upheld an order to remove Nobel Peace Prize winner Muhammed Yunus from his position as the head of Grameen Bank since he was beyond legal retirement age. Yunus's supporters protested the decision on the streets of Dhaka.
A Bangladeshi court on Tuesday upheld an order removing Nobel Peace Prize winner Muhammad Yunus as head of the micro-lending bank he founded. It's a move his allies say was prompted by a government vendetta over Yunus's political ambitions.
70-year-old Yunus was removed as head of Grameen Bank last week by the central bank on government orders, saying he had stayed on past the legal retirement age of 60.
The High Court upheld the original order, saying it was illegal to serve as the bank's managing director beyond age 60.
After the verdict, about 200 Grameen Bank employees and borrowers staged a peaceful protest outside the bank building.
[Christina Yaga, Grameen Bank Employee]:
"I feel there is no reason to remove him as the managing director of the Grameen bank."
Grameen Bank said in a statement, that Tuesday's court decision was disappointing, adding that it would consult with its lawyers to consider what to do next.
Action against Yunus coincides with increasing criticism of micro-lending in developing countries, including neighboring India, with officials accusing bankers of exploiting the poor.
Yunus has said he wants to step down from his position but at a time of his choosing to ensure a smooth transition for what he calls an institution "of the people."
Yunus, who is the winner of the 2006 Nobel Peace Prize, set up Grameen, which means "village" in Bengali, and has been its managing director since 2000.
Lauded abroad by politicians and financiers, he has been under attack by the government since late last year, after a Norwegian documentary alleged the bank was dodging taxes.
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The Bangladeshi High Court has upheld an order to remove Nobel Peace Prize winner Muhammed Yunus from his position as the head of Grameen Bank since he was beyond legal retirement age. Yunus's supporters protested the decision on the streets of Dhaka.
A Bangladeshi court on Tuesday upheld an order removing Nobel Peace Prize winner Muhammad Yunus as head of the micro-lending bank he founded. It's a move his allies say was prompted by a government vendetta over Yunus's political ambitions.
70-year-old Yunus was removed as head of Grameen Bank last week by the central bank on government orders, saying he had stayed on past the legal retirement age of 60.
The High Court upheld the original order, saying it was illegal to serve as the bank's managing director beyond age 60.
After the verdict, about 200 Grameen Bank employees and borrowers staged a peaceful protest outside the bank building.
[Christina Yaga, Grameen Bank Employee]:
"I feel there is no reason to remove him as the managing director of the Grameen bank."
Grameen Bank said in a statement, that Tuesday's court decision was disappointing, adding that it would consult with its lawyers to consider what to do next.
Action against Yunus coincides with increasing criticism of micro-lending in developing countries, including neighboring India, with officials accusing bankers of exploiting the poor.
Yunus has said he wants to step down from his position but at a time of his choosing to ensure a smooth transition for what he calls an institution "of the people."
Yunus, who is the winner of the 2006 Nobel Peace Prize, set up Grameen, which means "village" in Bengali, and has been its managing director since 2000.
Lauded abroad by politicians and financiers, he has been under attack by the government since late last year, after a Norwegian documentary alleged the bank was dodging taxes.