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Bangladesh set to resume Grameen's Yunus court hearing Bangladesh resumes Grameen's Yunus court hearing
(about 7 hours later)
Bangladesh's High Court is set to resume its hearing into whether Nobel Laureate Muhammed Yunus was illegally fired from the microfinance lender he founded. Bangladesh's High Court has resumed its hearing into whether Nobel Laureate Muhammad Yunus was illegally fired from the microfinance bank he founded.
Mr Yunus's lawyers laid out their case on Sunday before the court was adjourned. On Sunday Mr Yunus's lawyers laid out their case before the court.
Last week, the central bank fired Mr Yunus from Grameen Bank saying he violated the country's retirement laws. Last week the central bank sacked him, saying he was past retirement age and had been improperly appointed.
The bank provides small loans to millions of borrowers. Grameen bank gives small loans to millions of borrowers. Analysts say the effort to remove him is the culmination of a long feud with the government.
Attorney General Mahbubi Alam said the court was likely to give its ruling on Monday, the Associated Press news agency reported.Attorney General Mahbubi Alam said the court was likely to give its ruling on Monday, the Associated Press news agency reported.
Politically motivated?Politically motivated?
During Sunday's hearing, lawyers for Mr Yunus argued that the central bank did not have the power to remove Grameen Bank employees.During Sunday's hearing, lawyers for Mr Yunus argued that the central bank did not have the power to remove Grameen Bank employees.
The central bank, also known as Bangladesh Bank, has claimed that Mr Yunus did not get its approval when he was re-appointed director in 2000.The central bank, also known as Bangladesh Bank, has claimed that Mr Yunus did not get its approval when he was re-appointed director in 2000.
As a result, he is holding the position illegally.As a result, he is holding the position illegally.
However, some of Mr Yunus supporters say that his dismissal was politically motivated.However, some of Mr Yunus supporters say that his dismissal was politically motivated.
Mr Yunus has spoken out against the current government, lead by Prime Minister Sheik Hasina. Mr Yunus has spoken out against the current government, lead by Prime Minister Sheikh Hasina.
In 2007 he attempted to form his own political party.In 2007 he attempted to form his own political party.
The Prime Minister has accused Grameen Bank and other microfinance institutions of charging high interest rates and taking advantage of the poor. The Prime Minister has accused the Grameen Bank and other microfinance institutions of charging high interest rates and taking advantage of the poor.