Dr Yunus removed from Grameen Bank as MD

DHAKA: Nobel laureate Prof Mohammad Yunus has been finally removed as Managing Director of the Grameen Bank he founded for lending to the poor, as a Norwegian media documentary on shady fund transfer rattled his position in his micro-finance institution.

A letter issued from Bangladesh Bank Wednesday announced his unceremonious exit, as government high-ups saw red about the matters of the once-acclaimed micro-credit pioneer.

Assigning the reason for sacking the Nobel Peace Prize winner from his post the notification states: According to the Grameen Bank Ordinance 1982 and the Company Law of Bangladesh Bank, after 60 years of age, nobody is allowed to hold the post of Managing Director of any bank of Bangladesh. “If anybody wishes to hold the post, he has to take permission from Bangladesh Bank, but, in this case, Dr Yunus defied the law,” says the central bank notification that came following an order from the Ministry of Finance.

In an instant step against the government action, Prof Yunus prepared to move to the High Court for a remedy.

BDST: 1730 HRS, MARH 02, 2011