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NBS wrongful dismissal lawsuit… Director further grilled about dismissal of former CEO‘s
Former CEO of NBS Maurice Arjoon
Director of the New Building Society Limited, (NBS), Seepaul Narine, was once again confronted with further questions relating to the circumstances which led to the dismissal of Maurice Arjoon, former Chief Executive Officer, (CEO) of the financial institution.
The former CEO had sued NBS for wrongful termination of contract and for withholding of his pension. His case has been ongoing for five years.
The matter is continuing before Justice Brassington Reynolds at the High Court in Georgetown.
Attorney- at –Law, (S.C) Edward Luckhoo is providing representation for Arjoon while Senior Counsel Ashton Chase is representing the defendant, NBS in the trial.
Further cross-examined by Luckhoo yesterday, Narine provided the court with certain information on the events that led to the termination of Arjoon’s contract.
The Attorney asked Narine whether he knew if the NBS Board expressed any confidence in Mr. Arjoon as CEO prior to his dismissal. The witness said that he could not recall.
He, none-the-less agreed that information contained in the minutes of the meeting, presented to the court, amounted to the Board expressing confidence in Arjoon.
Narine, who is also the General Secretary of the Guyana Agricultural and General Workers’ Union (GAWU), was then asked about the investigations into the procedure employed to withdraw monies from the account, for which Arjoon was accused of fraudulently removing $69 million.
“After the Board became aware of the problems emanating from the withdrawal, did the Board consider (whether) the system they had in place had been adequate?” Luckhoo asked
“Yes,” replied Narine.
“At the time, did the Board feel that it was necessary to put in place additional systems?” Luckhoo further questioned.
“No,” the NBS Director responded. Narine was also quizzed on the evidence Mr. Rajaram gave on behalf of NBS.
“In this court, I had asked Mr. Rajaram and he admitted and stated to the Magistrate that the withdrawal was legitimate and all proper procedures had been followed.”
“Are you aware that Mr. Rajaram had told the Magistrate that?” the Attorney inquired.
NBS Director Seepaul Narine
In response the witness admitted that he knew that Rajaram gave evidence but he was not aware what Rajaram told the court.
Additionally, Narine a trustee of the pension fund at the Society was questioned about Arjoon’s pension benefits. He told the court that Arjoon had written to the Board about his pension but they never replied.
In 2011, Arjoon of 1-2 La Fleur Road, Eccles filed a lawsuit against NBS noting that he was on the verge of retiring when the charges were instituted and he was dismissed from NBS, losing his pension and other benefits.
The former CEO had also claimed that he was framed after he refused to illegally endorse the lending of $2B, in 2006.
A recent report by the Ombudsman had outlined that Arjoon’s decision to only lend an amount in keeping with Guyana’s financial laws, apparently angered former President, Bharrat Jagdeo, who allegedly threatened to deal with the CEO.
The former (CEO) along with Kissoon Baldeo, 38, of 86 Zeeburg, West Coast Demerara (Assistant Mortgage Manager of NBS), and Kent Vincent of 1247 Canje Pheasant Lane, South Ruimveldt (Operations Manager), had been accused of conspiracy to defraud the NBS of $69M.
The withdrawal of the sum was made from an account in the name of Bibi Khan. The matter was later dismissed after the main witnesses in the trial stopped attending court. Shortly after the dismissal of the charges against him, Arjoon filed proceedings in the High Court. The matter, which had been protracted for five years, has been adjourned to July 28.
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