Nobel laureate appeals to keep job at microlender

AP News
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Posted: Mar 09, 2011 7:06 AM
Nobel laureate appeals to keep job at microlender

Nobel laureate Muhammad Yunus filed an appeal Wednesday with Bangladesh's highest court in a final attempt to keep his job at the microfinance bank he founded.

Last week, Bangladesh's central bank ordered 71-year-old Yunus out of Grameen Bank, saying he was violating the country's retirement laws. A High Court upheld that decision on Tuesday.

An outspoken government critic, Yunus has said his dismissal is illegal and alleged that the government is trying to take control of his bank.

The appeal is Yunus' last legal option in his bid to remain Grameen's managing director, a post he has held for nearly 30 years. At issue is whether the central bank was properly consulted when Grameen exempted Yunus from its mandated retirement age of 60.

Supreme Court judge Syed Mahmud Hossain said arguments on the appeal will be heard March 15.

Yunus and Grameen Bank pioneered the practice of using tiny loans to help lift people out of poverty, inspiring such lending throughout the developing world. The concept won Yunus and the bank the 2006 Nobel Peace Prize.