News / Asia

Bangladesh Nobel Laureate Challenges Dismissal

Muhammad Yunus, Bangladeshi Nobel Laureate and founder of Grameen Bank (file photo).
Muhammad Yunus, Bangladeshi Nobel Laureate and founder of Grameen Bank (file photo).

The Bangladeshi man who helped pioneer microfinancing is fighting efforts to remove him from the bank he founded and getting help from the bank's board of directors.

Nobel laureate Muhammad Yunus lodged a case with the country's High Court Thursday, challenging his dismissal as Grameen Bank's managing director for staying on past the legal retirement age.

Grameen's nine directors also filed a petition with the court challenging the dismissal.

Outside the court, Yunus told reporters he would like to step down, but has stayed on at the request of the board.  He also said he does not want the current situation to cause people to lose faith in the bank.

Bangladesh's central bank removed Yunus, 70, Wednesday saying the mandatory age of retirement is 60.

High Court officials say they expect to issue a ruling Sunday.

Yunus won the Nobel Peace Prize in 2006 for helping poor people and women get loans to start businesses and earn a living wage.  But he has been under pressure in Bangladesh for alleged financial irregularities at Grameen.  His supporters say he is being targeted for political reasons.  

Bangladeshi Prime Minister Sheikh Hasina has called Yunus a "blood-sucker of the poor." Relations between the two soured in 2007 after Yunus briefly proposed setting up a political party.

The government owns a 25-percent stake in Grameen Bank.

There had also been concerns that Grameen Bank transferred millions of dollars in development funds from Norway to a separate venture without permission.  A Norweigian investigation later concluded the money had been returned and that none of it had been stolen or misused.

U.S. Ambassador to Bangladesh James Moriarty told reporters Thursday he finds the development troubling and called for an amicable settlement of the issue. He said that outside the country, Yunus is considered "one of the greatest Bangladeshis."

Grameen currently has nearly 9 million borrowers and has handed out about $10 billion in loans.

The bank provides credit without any collateral to people it describes as "the poorest of the poor" in rural Bangladesh.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

Philippines, Muslim Rebels Try to Salvage Peace Pact

Peace process faces major setback after botched military operation to find terrorists results in bloody gunbattle between government forces, Moro Islamic Liberation Front fighters More

Republicans Expect Long, Expensive Presidential Battle

Political strategist says eventual winner will be one who can put together strongest coalition of various conservative groups that make up Republican Party More

Video New Wheelchair Is Easier to Use, Increases Mobility

Engineers have come up with a lever-operated design that makes use of easily accessible bicycle technology More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Liberia's Almost Last Ebola Patient Grateful but Still Grievingi
X
Benno Muchler
March 26, 2015 3:41 PM
Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Liberia's Almost Last Ebola Patient Grateful but Still Grieving

Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Cambodian Land Grabs Threaten Traditional Communities

Indigenous communities in Cambodia's Ratanakiri province say the government’s economic land concession policy is taking away their land and traditional way of life, making many fear that their identity will soon be lost. Local authorities, though, have denied this is the case. VOA's Say Mony went to investigate and filed this report, narrated by Colin Lovett.
Video

Video US, South Korea Conduct Joint Military Exercises

The Eighth U.S. Army Division and the Eighth Republic of Korea Mechanized Infantry Division put on a well orchestrated show of force for the media this week during their joint military training exercises in South Korea. VOA’s Seoul correspondent Brian Padden was there and reports the soldiers were well disciplined both in conducting a complex live fire exercise and in staying on message with the press.
Video

Video Space Program Status Disappoints 'Last Man on the Moon'

One of the films that drew big crowds last week at the annual South by Southwest festival in Austin, Texas, tells the story of the last human being to stand on the moon, U.S. astronaut Eugene Cernan. It has been 42 years since Cernan returned from the moon and he laments that no one else has gone there since. VOA’s Greg Flakus reports.
Video

Video Young Filmmakers Shine Spotlight on Giving Back

A group of student filmmakers from across the United States joined President Barack Obama at the White House this month for the second annual White House Student Film Festival. Fifteen short films were officially selected from more than 1,500 entries by students aged 6 through 18. The filmmakers and their families then joined the president and a group of celebrities for a screening of their films. VOA’s Julie Taboh reports.
Video

Video VOA Exclusive: Interview with Afghan President Ashraf Ghani

Afghan President Ashraf Ghani, during his first visit as president to Washington, gave a one-on-one interview with VOA Afghan Service reporter Said Suleiman Ashna, about his request for a change in U.S. troop levels, the threat from the Islamic State, and repairing relations with the United States and Pakistan. The interview was held at Blair House, late Sunday, in Pashto.
Video

Video California Science Center Tells Story of Dead Sea Scrolls

The ancient manuscripts were uncovered in the mid-20th century, and they are still yielding clues about life and religious beliefs in ancient Israel. As VOA's Mike O'Sullivan reports, an exhibit in Los Angeles shows how modern science is bringing the history of these ancient documents to life.
Video

Video Angelina Jolie Takes Another Bold Step

Hollywood actress and filmmaker Angelina Jolie has revealed she had her ovaries and fallopian tubes removed to lower her odds of getting cancer. Doctors say the huge publicity over her decision will help raise awareness about the importance of cancer screening. VOA’s George Putic has more

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More