A Bangladeshi court has acquitted Dr. Yunus of a previous labour conviction. Yunus had been sentenced to six months in jail earlier this year, but his conviction was widely criticized as politically motivated.
In a significant political development, the interim government of Bangladesh, to be led by Nobel laureate Dr. Muhammad Yunus, is set to take its oath of office on Thursday night. Army Chief of Staff General Waker-uz-Zaman confirmed that the ceremony will likely take place at 8 PM local time. The interim government, as outlined by General Waker, may consist of 15 members.
The announcement comes in the wake of a turbulent political climate in Bangladesh. Dr. Yunus, who has been appointed as the Chief Adviser, will be steering the country through a crucial transition following the recent upheaval. General Waker expressed his full support for Dr. Yunus, stating in a press conference at Senasadar on Wednesday, “He is very eager to lead this interim government and guide us through a democratic process.”
Dr. Yunus, renowned globally for his work in microfinance and poverty alleviation, is expected to oversee a period of stabilization and reform. The Nobel Prize-winning economist is returning to Bangladesh from Paris, where he had been traveling prior to his appointment. “I am looking forward to going back home, assessing the situation, and organizing efforts to navigate the current turmoil,” Yunus told reporters at Charles de Gaulle Airport before departing for Dhaka via Dubai.
The interim government’s formation follows a dramatic sequence of events involving the violent ouster of former Prime Minister Sheikh Hasina. Hasina, who had been in power since 2009, resigned on Monday amid massive protests and unrest. The protests, which initially started over government job quotas, escalated into widespread demonstrations against alleged electoral fraud and human rights abuses under Hasina’s administration. The situation culminated in Hasina fleeing the country on a helicopter to India after being deposed by the military.
Sources close to Hasina say that the cause of the government’s fall was not really the students’ movement, but that it was taken over by the far-right radical Muslim party, the Jamaat-e-Islami.
In a related development, a Bangladeshi court has acquitted Dr. Yunus of a previous conviction for flouting the country’s labour laws. Yunus had been sentenced to six months in jail earlier this year, but his conviction was widely criticized as politically motivated. His acquittal clears the way for him to assume his role as head of the interim government.
The appointment of Dr. Yunus came swiftly after student leaders and other influential figures in the country called for his leadership. In a meeting with President Mohammed Shahabuddin, military chiefs, and student leaders, the decision was made to appoint Yunus as chief adviser. This move is seen as a step towards restoring stability and democratic governance in Bangladesh.
Stock Market Surge
In a related economic development, Bangladesh’s stock market has witnessed a significant surge following the political upheaval. The Dhaka Stock Exchange (DSE) index, DSEX, reached a three-month high on Wednesday, climbing 192.37 points to settle at 5,618.79. This marks a notable rebound, with the DSE gaining 390 points, or 7.45 percent, over the past two days.
Investors have shown increased optimism regarding the prospects of improved governance following Sheikh Hasina’s resignation and the message that Dr. Yunus would be taking over.
The market rally has been driven by fundamentally strong stocks that had recently experienced sharp declines. The DS30 index, which tracks 30 prominent companies, rose by 87.43 points, while the Shariah-based DSES index increased by 42.52 points.
Turnover on the DSE was reported at Tk 7.76 billion, up 3.41 percent from the previous day. The Chittagong Stock Exchange also reported gains, with its All Share Price Index (CASPI) rising by 545 points.
Robberies, Jail Breaks
While the political and economic climate in Bangladesh undergoes significant changes, security concerns have intensified. In Dhaka’s Mohammadpur area, residents spent a restless night amid fears of widespread looting. Local mosques used loudspeakers to warn of robbers targeting neighborhoods, prompting residents to take to the streets to defend their homes. Army patrols eventually arrived to restore order, apprehending several suspects in the process.
In the prison sector, two major jailbreaks have occurred. On Wednesday afternoon, approximately 30 to 40 prisoners escaped from Kushtia District Jail following gunshots fired inside the facility. Army personnel quickly intervened to regain control of the situation, but many of the escapees remain unaccounted for.
Earlier in the week, Kashimpur High Security Central Jail experienced a large-scale jailbreak involving 209 inmates. Six prisoners were killed during the escape attempt, which saw the army conducting a commando operation to quell the rebellion. These incidents underscore the current volatility and the challenges facing Bangladesh as it navigates a period of significant political and social transformation. As Dr. Yunus prepares to assume leadership, the nation remains on edge, hopeful for stability and reform amidst ongoing uncertainty.
Image: Wikimedia
