Court to calculate compensation for Maurice Arjoon

Jul 19, 2017 News

The court is still to make the determination on the extent of the compensation to be paid to sacked, former Chief Executive Officer, (CEO) of the New Building Society, Maurice Arjoon. Arjoon had been accused of conspiracy to

Maurice Arjoon

defraud NBS of $69M.
He was on the verge of retiring when charges against him were instituted; he was dismissed from NBS, thus losing his pension and other benefits. He was eventually exonerated of the charges. The man therefore sued NBS for wrongful dismissal and for withholding his pension.
The case dragged on for in excess of six years in the Court and after months of delay the Court finally ruled on Monday.
The ruling handed down by Justice Brassington Reynolds outlined that Arjoon was wrongfully dismissed. However he did not stipulate an amount for which Arjoon should be compensated. The former Executive Director had sued for some $550 million in damages but could not be present for the hearing, reportedly due to his ill health.
Arjoon’s lawyer, Edward Luckhoo,S.C, had therefore requested that the Court make a calculation of the award. He noted that it should not be left to opposing parties to determine such figures. The Court had decided to give a computation of the amount in damages yesterday. However it was still to make that determination.
The Court had essentially ruled that Arjoon suffered as a result of wrongful dismissal from NBS and should be compensated financially for the damages. The Judge also determined that the former executive is entitled to his pension, and severance benefits.
Back in 2007, Arjoon was accused of conspiracy to defraud the NBS of $69M 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). They had faced a trial in the Magistrates’ Court.
That matter was later dismissed for lack of evidence. The former CEO claimed that he was framed after he refused to illegally endorse the lending of $2B, in 2006 and moved to sue NBS for wrongful termination of his contract.
A 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.

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