Nobel winner Yunus removed as Grameen Bank MD

Bangladesh's central bank said on Wednesday it had removed Nobel laureate Muhammad Yunus from the post of managing director of microlender Grameen Bank, following allegations of irregularities in its operations.

March 03, 2011 / 15:37 IST

Bangladesh's central bank said on Wednesday it had removed Nobel laureate Muhammad Yunus from the post of managing director of microlender Grameen Bank, following allegations of irregularities in its operations.

The central bank deputy governor who told Reuters Yunus had been removed did not want to be identified.

Yunus, 70, set up Grameen Bank and has been its managing director since 2000. Lauded abroad by politicians and financiers, he has been under attack from the government of Prime Minister Sheikh Hasina since late last year, after a Norwegian documentary alleged Grameen Bank was dodging taxes.

Yunus had denied any financial irregularities.

By: Madhav Chanchani

first published: Mar 2, 2011 05:53 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347