Grameen Bank Founder Yunus Survives Attempt to Oust Him

Monday, February 28, 2011

Muhammad Yunus, the Nobel prize winning founder of the Grameen bank in Bangladesh, has survived an attempt to oust him from the institution he founded to lend small sums to the poor almost 30 years ago.

Supporters of Yunus say the bid was the culmination of a campaign by the Bangladeshi government to secure control of the bank, which is seen as the global pioneer of microcredit.

Yunus has taken a strong and vocal stand against corruption in his home country. The Grameen bank lends to at least eight million people, making it a valuable political resource.

Sources close to the bank said opponents of 70-year-old Yunus attempted to push through a decision to oust him on grounds of his age at a meeting of the bank’s executive committee earlier today in Dhaka. It was defeated.

Bangladesh’s finance minister recently said Yunus should stand down following alleged irregularities in operations.

Source: The Guardian (link opens in a new window)