A prominent Bangladeshi economist and Nobel Prize laureate, Professor Muhammad Yunus, is currently facing life imprisonment in his home country over allegations of labour law violations and alleged corruption, Bloomberg reported.
Pioneering microfinance
Yunus, who is a pioneer of the microfinance movement, laid out the concept of Grameen Bank in 1983, which revolutionised the idea of microcredit by providing small loans to impoverished people, often without collateral.
The idea garnered global attention and was replicated which has lifted millions out of poverty. Professor Yunus and Grameen Bank were jointly awarded the Nobel Prize in 2006 for the anti-poverty campaign and social development.
Tensions with the government
However, Yunus’ relationship with Bangladesh’s government, led by Prime Minister Sheikh Hasina, has been strained for years.
The Bangladeshi administration began a series of investigations against Professor Yunus after PM Hasina came to power in 2008.
In 2011, the 83-year-old economist who is also internationally known as the “banker to the poor” was removed as the managing director of the Grameen Bank, a move seen as an attempt to undermine his influence. Hasina has also accused him of “sucking blood” from the poor, further exacerbating the tension between the two.
Recent charges and sentencing
Similarly, in January 2024, the Bangladeshi court sentenced Yunus to six months in jail on charges of violating the country’s labour laws. The charges allege that Yunus’ company, Grameen Telecom, failed to make several employees permanent and did not properly distribute dividends to its staff.
The court slapped a Taka 25,000 fine on each of him, saying that by default he would have to serve 10 more days in jail.
The Nobel Prize laureate has appealed the ruling, calling it “contrary to all legal precedent and logic.”
Soon after the verdict, Yunus applied for bail. The court judge, Sheikh Merina Sultana, immediately granted one month’s bail in exchange for a Taka 5,000 bond.
Additionally, Professor Yunus is facing a wide array of other charges, including allegations of non-payment of taxes and receiving money without government permission. He is reportedly facing more than 150 cases, which he and his supporters believe are politically motivated, NBC News reported.
Many people believe that Hasina became enraged when Yunus announced he would form a political party in 2007, when the country was run by a military-backed government and she was in prison.
Global response and implications
Concerned over the several court cases against Professor Yunus, more than 170 global leaders, including former US president Barack Obama, have urged Bangladesh Prime Minister Sheikh Hasina to suspend all legal actions against the pioneer of microfinance, PTI reported.
The signatories included Obama, former UN Secretary-General Ban Ki-moon, former US Secretary of State Hillary Clinton, and more than 100 Nobel laureates.
“One of the threats to human rights that concern us in the present context is the case of Nobel Prize laureate Prof. Muhammad Yunus. We are alarmed that he has recently been targeted by what we believe to be continuous judicial harassment,” the letter said.
“We are confident that any thorough review of the anti-corruption and labour law cases against him will result in his acquittal,” it added.
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