According to The New York Times:

Muhammad Yunus, the Bangladeshi economist and Nobel Peace Prize winner who pioneered tiny loans for village entrepreneurs as a way to fight poverty, has been forced out of the bank he founded, the government-appointed chairman of the bank said Wednesday.

But Grameen Bank disputed that assertion by the chairman, Muzammel Huq, saying in a statement that Mr. Yunus was “continuing his office” while it sought legal advice.

Mr. Huq said that Mr. Yunus had been terminated as managing director by the central bank, Bangladesh Bank, because of a technical violation of the law that had created Grameen. His appointment should have been approved by the central bank, Mr. Huq said, but it was not.

“He was relieved of his duties for noncompliance,” Mr. Huq said.

Bangladesh Bank sent a letter to Grameen outlining what it said were violations of the law that governed the bank and stating that Mr. Yunus had been relieved of his duties. The bank insisted that the board had not acted on the letter.