Microlending Pioneer Yunus Ousted

March 8, 2011 at 8:13 PM Leave a comment

Bumped, with update:

Nobel Peace Prize winner Muhammad Yunus has been forced out as managing director of Grameen Bank by the Bangladeshi government, the New York Times reports. The government, which owns 25% of the bank, charges noncompliance.

Government officials have been examining Grameen’s books for months, saying that it lacked proper oversight and governance. But Mr. Yunus’s allies have argued that the government is simply trying to discredit a critic. Mr. Yunus, who was awarded the Nobel in 2006, briefly floated a political party in 2007 and had criticized Bangladesh’s politicians as corrupt.

Yunus is disputing this and is looking at legal action he might take to keep his position, the report adds.

UPDATE: Reuters reports that Bangladesh’s High Court has struck down Yunus’s petition.

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Entry filed under: Innovation, International.

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