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Your clear intention is to bring disrepute to our institution for no justifiable reason

Mar 06, 2010 Letters

Dear Editor,
In an article captioned “Dem boys Seh…Is nuff shake up and big trouble” in your edition of February 24, 2010, your writer stated:
“News does travel far and fast and dem boys seh that nuff news travelling. One news is that New Building Society in trouble and is serious trouble. De news is that de NBS about to collapse. Only the other day de NBS release figures that it very solvent, till it building a new office. But dem boys seh that NBS lend out so much money that it got de same problem that Clico had – a cash flow problem”.
The New Building Society Ltd issued a statement on its performance for 2009 up to the 30th September, 2009. The Society’s unaudited accounts for the period was included in the statement.
Contrary to the impression created by your publication, the Society’s performance for the period was outstanding. It showed a profit of $380 million as compared to September, 2009 as compared with $197 million for the whole of 2008.
For the above corresponding period the Society’s mortgage portfolio grew from $18 billion to $20.9 billion while its savings portfolio grew from $30.4 billion to $32.0 billion. Its total reserves grew from $4.7 billion to $5.1 billion.
The writer of your article indicates an awareness that the Society has published the above figures which your writer made no attempt to analyse.
His/her dismissal of them and ridiculing of the Society’s unprecedented growth and contribution to housing development in Guyana is an unwarranted attack on the New Building Society Limited and unworthy of your newspaper. Your clear intention is to bring disrepute to our institution for no justifiable reason.
Cameron and Shepherd
Attorneys-at-Law for
New Building Society Limited

Editor’s note: Had the writer read the next day’s issue he/she would have seen a retraction of the report he/she quoted.
The column pokes fun at people, institutions and events. Unfortunately, the NBS happens to be one of the institutions. Even President Bharrat Jagdeo has not been immune and at no time has he suggested that he was being brought into disrepute.

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