Yunus Fired?

March 2, 2011

The BBC and AFP are reporting that Muhammad Yunus was fired from the Grameen Bank…or at least are quoting the new government-appointed chair, Muzammel Huq, to that effect.

At a Monday meeting, the board failed to support a motion to fire Yunus. Huq is now asserting that the Bangladesh Bank, the country’s central bank, has the authority to remove Yunus anyway. But as David Bergman also just reported, the legal basis for this claim is murky.

So it would seem that the “firing” is an escalation of the confrontation. In the ideal, this would be settled in the courts. What will happen here, I don’t know.

Update 1: Sure enough, the Yunus Centre just stated that Yunus remains the Managing Director. “This is a legal issue.” (HT @BloomMV)

Update 2: I’m told Yunus doesn’t stand a chance in the courts: they will do the government’s bidding.

Possibly Related Posts

• U.S. Government Pressure on Behalf of Yunus
• Ironies in Yunus Attack on SKS IPO
• Professor Yunus’s Opinion

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1. Claire C. Says:
   March 2nd, 2011 at 8:33 am

   Microfinance Focus keeps saying that Muhammed Yunus has been sacked, I think the situation will remain quite instable for a while ! Hard to say how it is gonna end and how long this war will last but we can expect real negative effects for the bank and its clients.

2. Mortaza Says:
   March 3rd, 2011 at 3:50 am

   Bangladesh High Court is so partial towards the Government. The current Government appointed all its followers as Judge in the court, even a person whose against a case was filed for murder! so you can expect what the announcement will come from the court.