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

Leave a Reply

Your email address will not be published. Required fields are marked *