03 Mar '11, 12pm

Home Business Microfinance guru challenges dismissal from bank: Recently, Yunus has been under pressure at home....

DHAKA, Bangladesh (AP) - Nobel laureate Muhammad Yunus challenged the legality Thursday of a Bangladeshi government order dismissing him as the head of the microfinance bank he founded. Nine members of Grameen Bank's board of directors backed Yunus, an outspoken government critic, by filing a separate petition to the High Court, his lawyer Sara Hossain said. The court heard arguments for three hours Thursday and said it will rule on Sunday, a working day in Muslim-majority Bangladesh. Bangladesh's central bank ordered Yunus out of the bank Wednesday, arguing that the 70-year-old had violated a law that makes retirement at age 60 mandatory. Grameen said it was exempt from the rule and Yunus would remain in his post. The government owns a 25 percent stake in the bank, which gives small loans to the poor. The remainder of the bank is owned by its borrowers. The demand for Yun...

Full article: http://www.todayonline.com/Business/EDC110303-0000549/Lau...

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