Awwal 28, 1432 H/March 3, 2011, SPA -- Bangladeshi Nobel laureate Muhammad Yunus launched a legal battle on Thursday against his removal from the top post of the microlending bank he founded, a dismissal seen as part of a vendetta with the prime minister, Reuters reported. The finance minister said Bangladeshis were proud of Yunus's record as a lender to the poor but that illegal actions -- a reference to Yunus staying on as managing director of Grameen bank past the legal retirement age -- could not be allowed. Yunus took legal action, filing a writ petition to the high court challenging his removal, a day after the central bank ordered him out on the grounds that he had overstayed as head of operations in violation of the law. After a brief hearing, the High Court said it would issue a verdict on Sunday. Yunus's chief attorney, Kamal Hossain, told the court that the government had removed the Grameen Bank founder from his post without providing valid reasons. Nine directors of the Grameen Bank filed a second writ petition challenging the legality of Yunus's removal. The government-appointed chairman of the Grameen Bank, who on Wednesday made public the dismissal order, told Reuters on Thursday: "Now this is a battle between the central bank and Dr.Yunus and we have to wait until the verdict of the court." The United States called for the dispute to be resolved "amicably" after the central bank's removal of Yunus. Action against Yunus coincides with increasing criticism of microlending in several developing countries, including neighbouring India, with many officials accusing bankers of profiteering from the poor. Yunus, 70, set up Grameen, which means village in Bengali, and had been its managing director since 2000. Lauded abroad by politicians and financiers, he has been under attack from Prime Minister Sheikh Hasina's government since late last year, after a Norwegian documentary alleged the bank was dodging taxes. Yunus has denied any financial irregularities. His supporters say he is being discredited by the government because of a feud with Hasina dating back to 2007, when he tried for a time to set up a political party while Bangladesh was ruled by an interim military government. -- SPA
