Decision in Arjoon/NBS court case further deferred

Jul 11, 2017 News

Amidst much anticipation, the ruling in the matter involving former Chief Executive Officer, (CEO) of the New Building Society Limited (NBS), Maurice Arjoon over wrongful termination was again deferred to another date.

Former NBS CEO, Maurice Arjoon

The matter was set for decision at 11:30 hours yesterday before Justice Brassington Reynolds at the Georgetown High Court.
However, Kaieteur News learnt that the matter was again postponed to a later date, after lawyers involved in the case agreed to this.
The ruling is now set for July 17 at 13:30 hours before Justice Brassington Reynolds. The decision will be handed down after some six years, eight months in the Court.
A new date was announced last month after concerns were raised over the length of time which had passed since initial date was set for decision in the highly publicized court case.
The genesis of Arjoon’s case dates back to 2007 when he was accused of conspiracy to defraud the NBS of $69M. He was charged along with Kissoon Baldeo (Assistant Mortgage Manager) and Kent Vincent (Operations Manager). They had faced a trial in the Magistrates’ Court. But Arjoon had claimed that he was framed after he refused to illegally endorse the lending of $2B, in 2006. The matter was later dismissed for lack of evidence.
But in 2011, Arjoon of 1-2 La Fleur Road, Eccles filed a lawsuit in the High Court against the financial institution, 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 therefore sued the financial institution for wrongful dismissal and for withholding of Pension.
Additionally a report prepared by the Office of the Ombudsman, concluded in November 2014, stated that the police wrongfully charged the former Chief Executive Officer (CEO) and the two other managers for the $69M fraud at the New Building Society, in 2006.

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