DHAKA (Daily Point) — In a recent development, Muhammad Yunus, Nobel Peace Prize laureate and pioneer of microcredit initiatives to alleviate poverty, has been sentenced to six months in jail by a labor court in Dhaka, Bangladesh.
The court found Yunus, along with three other directors of Grameen Telecom, guilty of violating labor laws. The charges include the failure to make 67 employees permanent, non-formation of employees’ participation and welfare funds, and the non-distribution of 5% of the company’s dividends to the staff, as per company policy.
Yunus, who was present in court, has been granted bail, and the defense has been given a 30-day window to appeal the verdict. Grameen Telecom, founded by Yunus as a non-profit organization, holds a significant stake (34%) in Grameenphone, the largest mobile phone company in Bangladesh and a subsidiary of Norway’s Telenor.
This legal action is part of a series of charges Yunus is facing, including allegations of corruption and fund embezzlement. Supporters of Yunus argue that these charges are politically motivated, stemming from a broader political context and strained relations with Prime Minister Sheikh Hasina’s government. The government of Bangladesh has refuted these claims.
In response to global concern, more than 170 leaders and Nobel laureates, including former U.S. President Barack Obama and former U.N. Secretary-General Ban Ki-moon, penned an open letter in August, urging Prime Minister Hasina to halt all legal proceedings against Yunus. The leaders expressed deep concerns about threats to democracy and human rights in Bangladesh.
In a strong response, Prime Minister Hasina welcomed international experts and lawyers to assess the legal proceedings and review documents related to the charges against Yunus. Despite the challenges Yunus is currently facing, his legacy remains significant, as he founded Grameen Bank in 1983, providing small loans to entrepreneurs who would typically be ineligible for traditional bank loans. The success of Grameen Bank has inspired similar microfinancing efforts globally.
