Bangladesh’s Supreme Court has dismissed Dr Muhammad Yunus’ final bid to overturn the Bangladesh High Court’s ruling upholding the effort of the Bangladesh Bank (BB), the central bank of Bangladesh, to remove Dr Yunus from his position as managing director of Grameen Bank   .
The Supreme Court dismissed two petitions filed in connection with Dr Yunus’ removal following three days of hearings by a seven-member panel . Judges ruled that Grameen Bank is a government institution, not a private bank as Dr Yunus and his legal team have maintained, meaning that employees must abide by the state’s mandatory retirement age of 60 years old . Deccan Herald newspaper reports that Dr Yunus’ counsel stated, “We are planning to file a review petition with the appellate division against its own judgment after obtaining the copy of the order” .
Dr Yunus, had challenged the central bank’s decision based on the grounds that the move was politically motivated. The courts however subsequently uphold the argument that the appointment of Dr Yunus in 1999 as the managing director of Grameen Bank, without central bank approval, was invalid. The courts also back the central bank’s argument that Dr Yunus, aged 70, is in violation of the mandatory legal retirement age of 60 years for government employees  .
Grameen Bank is a Bangladeshi microfinance institution (MFI) that manages total assets of USD 1.4 billion.
By: Alexandra Pattee, Research Associate
About Grameen Bank: Grameen Bank is a Bangladeshi microfinance institution that provides loans to poor entrepreneurs in rural areas. It was founded in the 1976 by Muhammad Yunus, who, along with Grameen Bank, won the 2006 Nobel Peace Prize for his work in developing the concept of microfinance. As of February 2010, Grameen reports 8 million borrowers, 97 percent of whom are women. With 2,563 branches, Grameen Bank provides services in 81,343 villages. Grameen Bank has the equivalent of USD 1.4 billion in assets as of 2009 as indicated by the Microfinance
Sources and Resources:
 Deccan Herald, “Yunus loses final attempt to remain chief of Grameen Bank”, http://www.deccanherald.com/content/159166/yunus-loses-final-attempt-remain.html
 MicroCapital.org Article, March 25, 2011, “Dr Muhammad Yunus Appeals Bangladesh High Court Decision Upholding His Removal as Managing Director of Microfinance Institution (MFI) Grameen Bank”, http://www.microcapital.org/microcapital-brief-dr-muhammad-yunus-appeals-bangladesh-high-court-decision-upholding-his-removal-as-managing-director-of-microfinance-institution-mfi-grameen-bank/
 MicroCapital.org Article, March 8, 2011, “Bangladeshi Court Confirms Central Bank Decision to Remove Dr Yunus as Managing Director of Microfinance Institution (MFI) Grameen Bank”, http://www.microcapital.org/microcapital-brief-bangladeshi-court-confirms-central-bank-decision-to-remove-dr-yunus-as-managing-director-of-microfinance-institution-mfi-grameen-bank/
MicroCapital.org Article, April 4, 2011, “Dr Muhammad Yunus Says Borrowers’ Control of Microfinance Institution Grameen Bank is Key to Success”, http://www.microcapital.org/microcapital-brief-dr-muhammad-yunus-says-borrowers-control-of-microfinance-institution-grameen-bank-is-key-to-success/
MicroCapital.org Article, March 14, 2011, “Crowd of 20,000 Protests Bangladesh Bank Attempts to Remove Dr Yunus as Managing Director of Microfinance Institution (MFI) Grameen Bank, US Secretary of State Clinton Among Those Offering Support”, http://www.microcapital.org/microcapital-brief-crowd-of-20000-protests-bangladesh-bank-attempts-to-remove-dr-yunus-as-managing-director-of-microfinance-institution-mfi-grameen-bank-us-secretary-of-state-clinton-among-those/
MicroCapital.org Article, March 2, 2011, “Yunus Continues as Grameen Bank Managing Director after Bangladesh Bank Asks Him to Step Down”, http://www.microcapital.org/microcapital-brief-yunus-continues-as-grameen-bank-managing-director-after-bangladesh-bank-asks-him-to-step-down/
MicroCapital.org Article, February 15, 2011, “Bangladeshi Government Asks Yunus to Step Down as Director of Grameen Bank”, http://www.microcapital.org/microcapital-brief-bangladeshi-government-asks-yunus-to-step-down-as-director-of-grameen-bank/
MicroCapital.org Article, January 10, 2011, “Founder of Grameen Bank and Nobel Peace Prize Winner Dr Muhammad Yunus Speaks Out Against the Commercialization of Microfinance Institutions (MFIs)”, http://www.microcapital.org/microcapital-brief-founder-of-grameen-bank-and-nobel-peace-prize-winner-dr-muhammad-yunus-speaks-out-against-the-commercialization-of-microfinance-institutions-mfis/
MicroCapital.org Article, December 24, 2010, “Bangladesh Government to Investigate Allegations of “Financial Irregularities” Against Microfinance Institution (MFI) Grameen Bank”, http://www.microcapital.org/microfinance-brief-bangladesh-government-to-investigate-allegations-of-%E2%80%9Cfinancial-irregularities%E2%80%9D-against-microfinance-institution-mfi-grameen-bank/
MicroCapital Universe Profile: Grameen Bank, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Bank
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