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Thursday, April 28, 2011

Nobel laureate Yunus loses appeal to stay as bank head ....

Mohammad Yunus, the Nobel Prize-winning microfinance pioneer, has lost his final court appeal to stay as managing director of the Grameen Bank he founded nearly three decades ago. 

"The appeal is dismissed," Chief Justice ABM Khairul Haque said in his one-sentence ruling at a crowded courtroom of Bangladesh's highest court.
Attorney General Mahbub-e-Alam said Yunus cannot hold the post any longer.
Mr Yunus was not in court. Comments from him or Grameen Bank were not immediately available. Mr Yunus' lawyer Kamal Hossain declined to comment.
Bangladesh's central bank removed the 71-year-old Mr Yunus from the post last month, saying he violated the bank's retirement rule. The High Court upheld his removal and he appealed then to the Supreme Court, his last legal option.
An outspoken government critic, Mr Yunus has said the dismissal was illegal and alleged that the government was trying to take control of his bank, which pioneered the practice of giving tiny loans to alleviate poverty. His work spurred a boom in such lending across the developing world, earning him and the bank the 2006 Nobel Peace Prize.

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