Bangladeshi microfinance chief dismissal upheld

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The Independent Online

A Bangladeshi court has upheld the government's dismissal of the Nobel laureate Muhammad Yunus from the microfinance bank he founded to lift many out of poverty.

Professor Yunus will appeal to the country's highest court, the last legal option he has to retain the post he has held at Grameen Bank for nearly 30 years. His lawyer said the appeal would be filed today.

Last week, the central bank ordered Professor Yunus, 71, out of Grameen, saying he was violating retirement laws.

Grameen said Professor Yunus would remain while the bank fought the order. But Attorney General Mahbubey Alam said he must step down during the appeals process.

"We have received the ruling, and we hope Grameen operations will not be affected in any way," a spokesman for the bank said.