Nobel winner economist Muhammad Yunus faces jail in Bangladesh court ruling

Nobel Laureate Muhammad Yunus convicted in Bangladesh labour law case.

Nobel Peace laureate Muhammad Yunus was convicted on Monday for violating Bangladesh’s labour laws.

“Professor Yunus and three of his Grameen Telecom colleagues were convicted under labour laws and sentenced to six months in simple imprisonment,” prosecutor Khurshid Alam Khan told AFP, adding that all four were immediately granted bail pending appeals.

Recipient of the 2006 Nobel Peace Prize, Professor Muhammad Yunus is internationally recognised for his contributions to poverty alleviation and the empowerment of women in need.

Professor Yunus has innovatively combined capitalism with social responsibility through the establishment of the Grameen Bank. This microcredit institution is dedicated to providing modest amounts of working capital to empower the poor for self-employment. Originating as an action-research project in 1976, the Grameen Bank has since expanded, offering collateral-free loans to 7.5 million clients across more than 82,072 villages in Bangladesh, with an impressive 97% being women.

 
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