(May 12, 2011) The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the Nobel Peace Prize in 2006 for his development of the concepts of microcredit and microfinance as a means of aiding the poor.
Yunus sought review of the Central Bank's action by the High Court of Bangladesh. The High Court upheld the order of the Central Bank. Yunus petitioned the Supreme Court for review of the High Court's verdict. On May 5, 2011, the Supreme Court rejected Yunus's petition, as well as related appeals filed by the Grameen Bank and nine of the Directors of its Board. (Friends of Grameen Sad at SC Decision, DAILY STAR (May 6, 2011).) Yunus, however, will remain the Managing Director of Grameen Bank until the Bank's Board of Directors appoints a new director. (Prof Yunus to Remain MD Until Decision by GB Board, DAILY STAR (May 7, 2011).)