Yunus still Managing Director, claims Grameen Chairman

Grameen Bank Chairman Muzammel Huq said that founder of the bank Nobel laureate Prof Muhammad Yunus is still holding his post as managing director.

A government notification announced his removal.

“According to legal advisers of the bank, Dr Yunus is still in his position,” he was quoted as saying at a press conference immediately after the issuance of letter from Bangladesh Bank firing him from the post of MD of the micro-finance bank.

Quoting the chairman, general manager for information and media Jannat-e-Quonain of the bank told journalists at the press conference that the matter would be settled through a legal process.

“It is a legal matter. Finance Minister AMA Muhith also said yesterday that it is legal matter. And the bank is consulting legal experts in this regard,” the GM said, adding that the bank has sincerely followed all rules and regulations in appointing the MD.

A letter issued from Bangladesh Bank Wednesday announced Dr. Yunnus' unceremonious exit, as government high-ups saw red about the matters of the once-acclaimed micro-credit pioneer.

According to the Grameen Bank Ordinance 1982 and the Company Law of Bangladesh Bank, after 60 years of age, nobody is allowed to hold the post of Managing Director of any bank of Bangladesh. “If anybody wishes to hold the post, he has to take permission from Bangladesh Bank, but, in this case, Dr Yunus defied the law,” says the central bank notification that came following an order from the Ministry of Finance.