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SC dismisses Yunus' appeal

The Bangladesh Supreme Court today confirmed the removal of Nobel Laureate Muhammad Yunus from as the managing director of the Grameen Bank that he had founded in 1976.

world Updated: Apr 05, 2011 14:59 IST

The Bangladesh Supreme Court on Tuesday confirmed the removal of Nobel Laureate Muhammad Yunus from as the managing director of the Grameen Bank that he had founded in 1976.

The Appellate Division of the Supreme Court dismissed Yunus' petition filed against a High Court verdict upholding an order of the Bangladesh Bank, the country's central bank, replacing him.

A seven-member bench of the Appellate Division, headed by Chief Justice A.B.M. Khairul Haque, delivered the order after a hearing, reported Star Online, web site of The Daily Star and bdnews24.com, a web newspaper.

Yunus and Grameen jointly won the Nobel peace prize in 2006 for the pioneering effort in delivering small credits to rural women in Bangladesh.

The Grameen model has been replicated in many countries across the world.

Yunus's removal March 2 has caused protests at home and abroad. Governments, including those of the US and France, have officially expressed concern.

The government of Prime Minister Sheikh Hasina says that Yunus, 70, has stayed at the helm of the bank beyond the limits permitted under the laws of the land that govern banking.

Grameen Bank says it is only partly government owned.