Yunus seeks review of dismissal verdict

Microfinance pioneer Muhammad Yunus is seeking a review of a Supreme Court judgement that upheld his dismissal from his Nobel prize-winning Grameen Bank, his lawyer said on Thursday, reports AFP. Yunus was fired by the central bank on March 2 this year for exceeding the mandatory retirement age. The 70-year-old "banker to the poor" challenged his dismissal, but his appeal was thrown out by the Supreme Court. "We have sought a review of the judgement because it is full of errors in terms of interpretation of law," Yunus's lawyer Sara Hossain told AFP, adding that his legal team had only recently received a written copy of the verdict. The Supreme Court ruled in May that Grameen was a government institution, not a private bank as Yunus and his legal team maintained, meaning employees -- including Yunus -- have to abide by the state's mandatory retirement age of 60. The ruling dashed Yunus's hopes of staying at the helm of the microlender, which has lent more than $10 billion to 8.3 million mostly rural women since its inception in 1983. He formally resigned from Grameen on May 12. Yunus and the Grameen Bank he founded won the Nobel peace prize in 2006 for creating "economic and social development from below". The model has been copied in other developing countries and Yunus's sacking was widely criticised by international supporters including the US government. Supporters say Yunus has been victimised by Bangladesh Prime Minister Sheikh Hasina, whom he crossed in 2007 when he briefly set up a political party during a period of military rule. Analysts say Grameen's huge influence in Bangladesh and its move into solar panels, mobile phones and other consumer goods have also triggered government envy. Legal experts say it is rare for a Supreme Court verdict to be changed following a review petition.