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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Africa Europe Latin America Middle East North America Bangladesh court hears Nobel laureate's case AP - Monday, March 7 Send IM Story Print DHAKA, Bangladesh – Bangladesh's High Court was to hear more arguments Monday as it considers the legality of a government order dismissing Nobel laureate Muhammad Yunus as head of the microfinance bank he founded. Bangladesh's central bank ordered Yunus out of Grameen Bank last week, saying he was working in violation of the country's retirement laws. Yunus, an outspoken government critic, has said the dismissal is illegal and has vowed not to leave the bank. A ruling had been scheduled for Sunday but was delayed as lawyers for Yunus made more arguments. The government was to respond to those arguments Monday, Attorney General Mahbub-e-Alam said. The government holds 25 percent share of the bank and the remainder is owned by its borrowers. The central bank says Yunus is holding his post illegally as his reappointment in 1999 was not approved by the central body, as is required under Bangladesh law. Yunus' lawyers have argued that a 1983 law gives Grameen special status that means those rules don't apply. "Yunus is appointed by the Grameen board of directors and only the board can fire him," lawyer Rokanuddin Mahmud said. Grameen Bank, founded in 1983, pioneered the concept of reducing poverty by making tiny loans to the poor. His work spurred a boom in such lending across the developing world and earned him and the bank the 2006 Nobel Peace Prize. Yunus, 70, has recently been under pressure at home, where he has long had frosty relations with Prime Minister Sheikh Hasina. She has accused Grameen Bank and other microfinance institutions of charging high interest rates and "sucking blood from the poor borrowers." She reportedly was angered by Yunus' 2007 attempt to form his own political party, backed by the country's powerful army. Controversy surrounded Yunus after a Norwegian television documentary in December accused him of transferring Norwegian development funds from Grameen Bank to another venture without prior approval in 1996. Pressure by the Norwegian Embassy in Dhaka resulted in the funds being transferred back in 1998, and the Norwegian government has said there was no indication Grameen was engaged in corruption or embezzlement. Grameen Bank currently has nearly 9 million borrowers, 97 percent of whom are women. Many use their small loans to make ends meet or to start small businesses. Nearly 40 percent of Bangladesh's 150 million people earn less than a dollar a day, the World Bank says. Recommend Send IM Story Print Related Articles Libya: live report AFP - 21 minutes ago 'More than 40' killed in south Sudan clashes AFP - 2 hours 28 minutes ago US defence chief sorry over Afghan child deaths AFP - 18 minutes ago France's ex-president Chirac on trial for corruption AFP - 23 minutes ago Berlusconi operated on his face for 2009 attack AFP - 32 minutes ago News Search Top Stories Moody's downgrade 'completely unjustified': Athens Libya: live report Oil price spikes to 2.5 year-high on Libya unrest French government comes under cyber attack Asia to be biggest aircraft market by 2029: Airbus More Top Stories » ADVERTISEMENT Most Popular Most Viewed China richest man says work key to easing poverty Prince to have British trade role downgraded: report World's sixth mass extinction may be underway: study HSBC rebuffs talk of London exit Libya: live report More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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