Court okays Yunus’ removal as Grameen Bank Managing Director

The Bangladesh High Court Tuesday rejected Nobel laureate Prof. Muhammad Yunus’ writ petition, thereby endorsing his removal as managing director of Grameen Bank.

His appointment as life MD of Grameen Bank by its board, sans permission of Bangladesh Bank, had “no legal basis”, the court said in its crucial ruling.      
 
Bangladesh Bank appointed Dr Mohammad Yunus as per section 14/1 and 2 of the Grameen Bank Ordinance ’83. But the GB Board of Directors in its 52nd meeting on July 22, 1999 appointed him MD for a lifetime through amending the law, which had “no legal basis” in court’s view.

“Neither Bangladesh Bank’s approval was taken nor was the central bank informed about the decision. The writ petitions were rejected on these grounds,” said Attorney-General Mahbubey Alam after the court rose.

“It could not be that there would be no age-limit for job of a person,” the AG told reporters, adding that Dr. Yunus' position had been illegitimate since he crossed 60. 

Prof Yunus and his counsel stayed away from the court during the delivery of judgment, as, after the court hearings, they had said in advance that it was a “foregone conclusion” to them.

However, at a later stage of reading out of the verdict, Barrister Sara Hossain appeared in the court. 
 
Prof Yunus was on March 2 removed as MD of the Grameen Bank, after a Norwegian media documentary on shady fund transfer shook his position in his micro-finance institution.