NBS $79M appeal ruling set for Dec 19

first_imgAfter refusing to pay a past employee an awarded sum of $79 million for wrongful dismissal, the New Building Society’s appeal against former Chief Executive Officer (CEO) Maurice Arjoon will come up for ruling by Justice Rishi Persaud at the Appeal Court of Guyana on December 19.During Wednesday’s proceedings at the nation’s highest court, the parties, who appeared were Arjoon and one the representing attorneys, Siand Dhurjon; whileDismissed NBS CEO, Maurice ArjoonNBS Attorney, Senior Counsel Ashton Chase, was also present.It was recently disclosed that December 5 was the date set for ruling but after discussions with both parties, Justice Persaud set December 19 as the new date for ruling on the matter. After the announcement of the new date was made, Arjoon swiftly exited the courtroom.It has been five years since the former CEO took NBS to court for his outstanding pension and other benefits. Arjoon had originally sued the lending agency for some $550 million in damages on the following grounds: that he had been wrongfully dismissed from his post, and that his former employer had withheld pension and other benefits due him.The former top official was fired from his position 10 years ago in connection with a Magistrate’s Court matter wherein he, NBS Operations Manager Kent Vincent and NBS Assistant Mortgage Manager Kissoon Baldeo were all accused of conspiracy to defraud NBS of $69 million. The court matter was eventually dismissed, and Arjoon and the co-defendants took the financial institution to court in 2011. Having been dragged out for more than five years, the High Court matter was initially listed for decision on November 29, 2016; but it was only after repeated articles in this regard had appeared in the media that the court handed down its ruling on July 17.High Court Judge Justice Brassington Reynolds ruled in the dismissed CEO’s favour, awarding him more than $79 million in outstanding payments and benefits. The court also ruled that he should be paid a monthly pension of $372,498 from July 1 onwards. The Judge further ordered that the former CEO should receive financial compensation for the damages he had suffered; and moreover, that he was entitled to his pension and severance benefits, in accordance with provisions stipulated in the laws of Guyana.The NBS had contended that an unauthorised withdrawal of nearly $70 million had been made from an account that its client Bibi Shamina Khan held.The NBS’s issue with the withdrawal was that it was made through a Power of Attorney, and the company had implicated Arjoon for misconduct. The court in its determination contended that the NBS had failed to provide evidence that supported its claim of misconduct, whether serious or otherwise.Arjoon, who told media operatives that he was sick, had claimed that he was set-up on the fraud allegations because he allegedly refusal to approve a loan of some $2 billion applied for in 2006. He had also noted that the investigation into the fraud allegations was conducted later that same year, implicating him as CEO, as well as the co-defendants.last_img read more

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GOALKEEPER GALLAGHER RESIGNS FOR HARPS AS HORGAN BEGINS TO BUILD TEAM

first_imgOllie Horgan has made a major step in the preparations for the 2015 campaign as six players put pen to paper at Finn Park.Ciaran Gallagher has resigned for Harps.Ciaran Gallagher, Kevin McHugh, Keith Cowan, Thomas McMonagle, Michael Funston and Tony McNamee are the first to commit themselves to Harps for the coming season.Ciaran Gallagher returns to Finn Park after a season at Derry City, while Ramelton man Tony McNamee joins from Irish League side Glenavon. McNamee is the only one of the six not to have played for Harps previously having departed Derry City in August to join Glenavon but he has now returned to the Northwest as he signs on with the HarpsThe 21 year old midfielder was previously with Derry City where he progressed to the first team squad following his consistent displays for the Candystripes’ reserve side in the Ulster Senior League.Ramelton native McNamee says: “I am glad everything has been agreed following my meetings with Ollie, so now it’s now up to me to prove myself to him and the Harps supporters. Everyone knows the potential that Finn Harps has so I am sure everyone at the club will be working hard to bring the fans back through the gates.”Ollie Horgan says “Tony is a very capable player who is comfortable on the ball, so he adds another string to our bow. He has got a good attitude and seems eager for the challenge so I am sure he will fit into what we are looking to achieve this season.” On Gallagher, Horgan said: “During my discussions with Ciaran I could sense he was relishing the challenge of coming back and playing for us. There is nothing wrong with getting experience at a different club and I think his time at Derry will stand to him. Ciaran obviously knows a lot of the lads here so he will have heard the way we like to approach things.”The popular netminder returns to Finn Park following a season at the Brandywell and is now looking forward to performing again on familiar turf.“I am absolutely delighted to be back at Finn Park and am already looking forward to getting pre-season started. When I stepped into the clubhouse to sign it was like I was never away. I spoke with Ollie about our plans for next year and I have no doubt we will be well prepared when the league campaign starts.” he said.Club captain McHugh is on board yet again to add to his impressive record with the club while defenders Cowan and McMonagle and midfielder Funston, also boast plenty of experience of playing for FHFC.On the retention of these four Horgan said: “I am delighted the four lads have signed back with us for next season. Kevin and Mickey in particular have the experience to pass onto younger players. They know what it takes at this level and you always want that know-how and determination in your dressing room. Keith and Tommy were part of defence last year which to be fair didn’t concede many goals. If we can do the same next year and add a few goals the other end there is no reason why we can’t improve.” Pre-season starts on January 13th and the league campaign will begin in early March.GOALKEEPER GALLAGHER RESIGNS FOR HARPS AS HORGAN BEGINS TO BUILD TEAM was last modified: November 17th, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Ciaran Gallagherdonegalfinn harpsne seasonOllie Horganlast_img read more

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