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NBS appeal of $79M judgment
Court grants leave for former CEO to file submissions
Justice of Appeal Rishi Persaud yesterday granted leave to the lawyer representing former Chief
Maurice Arjoon
Executive Officer (CEO) of the New Building Society, Maurice Arjoon, to file submissions in the case for which he is seeking to have $79 million against the institution upheld.
During an in-chamber hearing at the Court of Appeal, Justice Persaud heard oral submissions from attorneys representing both sides and granted the respondent (Arjoon) time to file the legal arguments.
The matter, which has been ongoing for more than five years, moved to the Appeal Court after NBS sought to have the judgment handed down by High Court Judge Brassington Reynolds, in July, overturned.
The Judge had ordered that the former CEO be paid over $79.2M in outstanding pension and other benefits. NBS later moved to overturn the judgment. Arjoon’s lawyers had successfully applied for a Writ of Execution directed to the Marshal of the High Court to levy on the movable property of the financial company, and if not enough, even on immovable property.
But lawyers representing NBS had asked for a stay in the execution of the High Court judgment and proceedings until the hearing and determination of the appeal.
In July, last, after the matter dragged on for more than six years, Judge Reynolds awarded $79M in lost pension and other benefits. There were no awards for damages.
In his cross-appeal, Arjoon is asking the court for more than half of a billion in damages.
”I was therefore very surprised when the Judge “awarded” my pension due for the past 10 years and unpaid salary, but none of the $550M in damages and consequently. It is my opinion that I won the battle but NBS won the war.”
The former CEO said that during the High Court trial, it was also proven, without a doubt, that he was illegally dismissed by the then Board, contrary to the stipulations of labour laws.
He said that with the outcome of this case and previously that of the wrongful charge and the Ombudsman’s findings, it is his hope that civil society as well as the Private Sector Commission, the Bankers Association, the Bar Association and other relevant organisations will speak out against the perpetrators of “heinous crimes” against the two former Managers, Kent Vincent and Kissoon Baldeo and himself, in an effort at also ensuring there is never any repetition of injustice and abuse of power.
Back in 2007, Arjoon was accused of conspiracy to defraud the NBS of $69M along with Baldeo and Vincent. The latter two said they suffered irreparable harm from the negative publicity and loss of salaries and benefits.
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