Bangladesh jails Nobel laureate economist Muhammad Yunus

Nobel laureate economist Dr Muhammad Yunus was sentenced to six months in jail by a Bangladeshi court on charges of labour law violation.

“The allegation of violating the Labour Law against him has been proved. It appears that the allegation has not been barred by limitation (either),” said Labour Court judge Sheikh Merina Sultana while pronouncing the judgment.

The development has been termed as politically motivated by his supporters. 83-year-old Yunus, is known for his reputation as the pioneer of microcredit and micro financing concepts, and also as the founder of the Grameen Bank.

He won the Nobel prize in 2006 for his anti-poverty campaign through the Grameen bank, a model which was replicated in many other countries.

Yunus, who was present in the court, would serve six months of simple or non-rigorous imprisonment for violating the law as the Grameen Telecom chairman along with three other executives of the company. Under the law, Yunus and the three others could appeal against the verdict in the High Court.