According to Bloomberg, professor Muhammad Yunus, a well-known economist from bangladesh and recipient of the Nobel prize, is presently being imprisoned for life in his native nation on charges of violating labor laws and engaging in corrupt practices.
 
Pioneering microfinance
Yunus, a trailblazer in the field of microfinance, developed the idea for Grameen bank in 1983. This innovative institution transformed the notion of microcredit by offering modest loans to underprivileged individuals, frequently without collateral.
 
Millions of people have been pulled out of poverty as a result of the idea's widespread popularity and replication. In 2006, professor Yunus and Grameen bank received a combined Nobel prize for combatting poverty and promoting social development.

Tensions with the government
But Yunus has had a tense relationship for years with the government of bangladesh, which is led by prime minister Sheikh Hasina.
 
Following prime minister Hasina's election in 2008, the Bangladeshi government launched several inquiries on professor Yunus.
 
The 83-year-old economist, who is also referred to as the "banker to the poor" globally, lost his position as managing director of Grameen bank in 2011, which was perceived as an attempt to lessen his influence. He has been accused by Hasina of "sucking blood" from the impoverished, which has further strained relations between the two.

Recent charges and sentencing
Similar to this, a Bangladeshi court condemned Yunus to six months in prison in january 2024 after finding him to have broken employment regulations in the nation. According to the claims, Yunus's firm, Grameen Telecom, did not appropriately pay profits to its employees and neglected to make some employees permanent.
 
The court fined each of them Taka 25,000 and threatened to sentence them to an additional 10 days in jail if they didn't pay the fee.
 
The winner of the Nobel prize has filed an appeal, stating that the decision is "contrary to all legal precedent and logic."

Yunus requested bail not long after the decision. Sheikh merina Sultana, the court judge, promptly granted one month's bail in return for a Taka 5,000 bond.
 
Professor Yunus is also accused of several other offenses, including collecting money without authorization from the government and failing to pay taxes. According to NBC News, he is allegedly facing more than 150 lawsuits, all of which he and his allies see as having political motivations.
 
Many people think that in 2007, when the country was ruled by a military-backed administration and Hasina was incarcerated, she grew outraged when Yunus said he would launch a political party.
 
Global response and implications
More than 170 world leaders, including former US president Barack Obama, have expressed concern about the several court cases against professor Yunus and have urged Bangladeshi prime minister Sheikh Hasina to halt all legal efforts against the microfinance pioneer, according to PTI.
 
Obama, former US Secretary of State Hillary Clinton, former UN Secretary-General Ban Ki-moon, and more than a hundred Nobel laureates were among the signatories.

In the current setting, one of the challenges to human rights that we are concerned about is the situation involving Nobel prize winner Prof. Muhammad Yunus. The letter stated, "We are concerned that he has been the focus of what we consider to be ongoing judicial harassment as of late.
 
It went on, "We are confident that his acquittal will come from any thorough review of the labour law and anti-corruption cases against him."
 
 

 
 
 
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Professor Yunus and Grameen Bank

SIBY JEYYA

20/07/2024 07:36 AM