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Probe Clears Bangladeshi Nobel Laureate Muhammad Yunus

Mohammad Yunus, Nobel Peace Prize winner and founder of the Grameen Bank, speaks during a press conference in New Delhi, India (File Photo - March 31, 2009)

A Bangladeshi government probe has cleared Nobel laureate Muhammad Yunus of misappropriating aid funds at the microfinance bank he founded.

The winner of the 2006 Nobel Peace Prize had been under scrutiny since a Norwegian documentary accused him of transferring aid money from his Grameen bank to other projects without proper approval.

But Monday, Bangladesh's Finance Minister ((Abul Mal Abdul Muhith)) said that a committee appointed by the government has found no evidence of financial irregularities.

Yunus is an economist and founder of the Grameen Bank, which provides microcredit (small loans to poor people) to help its clients establish creditworthiness and financial self-sufficiency.

Yunus is still seeking redress for the government's decision to fire him as the bank's managing director, because he had overstayed the official retirement age of 60 years.