Bangladesh's Yunus resigns from microlender

Bangladesh's Nobel laureate Muhammad Yunus has stepped down from the pioneering microfinance lender he founded, a week after he lost a legal fight against his government-backed sacking, a statement said. The 2006 Nobel winner said he was relinquishing the post of managing director at Grameen Bank and his deputy, Nurjahan Begum, would take over. "I am taking this step without prejudice to the legal issues raised before the Supreme Court, and in order to prevent undue disruption of the activities of Grameen Bank," he said in a letter released late Thursday. Yunus, 70, was removed as head of the microlender March 2 by the central bank for exceeding the mandatory retirement age. He defied the order by lodging an appeal against the sacking which was thrown out by the Supreme Court on May 5. Following the ruling, which cannot be appealed, Grameen Bank staff and board members have said they have been beaten or threatened to stop them campaigning for Yunus's reinstatement. Yunus said he hoped his departure would "ensure my colleagues and our eight million members, and owners of the bank, are not subjected to any difficulty in discharging their responsibilities", he wrote. The government is examining a set of recommendations from an investigation body to radically restructure Grameen Bank and its sister companies, including overhauling Grameen's board. "I hope Grameen Bank will continue to operate maintaining its independence and character... and move towards even greater success," Yunus added. Supporters say Yunus -- known as "the banker to the poor" -- 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.