$59M judgment… Former CEO made to struggle as NBS appeals High Court decision

Jan 18, 2018 News

Former NBS CEO, Maurice Arjoon

Mortgage lender, New Building Society (NBS), has signaled its clear intent of taking the fight to its former chief when it comes to paying him his pension and other benefits due.

Despite a ruling last month which threw out the entity’s move to stay a judgment, NBS has now moved to the Full Court of the Appeals Court, asking for the matter to be heard.

The court papers were filed last Friday, attorney-at-law Sanjeev Datadin disclosed yesterday.

It would mean that former Chief Executive Officer, Maurice Arjoon, has now been fighting over a decade to clear his name and receive his pension.

A battery of lawyers has come to his defence, but NBS remains steadfast.

Explaining yesterday, Datadin disclosed that NBS last month lost its attempt to stay a $79M judgment made in Arjoon’s favour. However, Appeals Judge Rishi Persaud held back $20M of the original $79M judgment handed down last year by High Court judge, Brassington Reynolds.

According to Datadin, NBS has not paid over the $59M to date.

“They are now going to the Full Court…I don’t understand why they’re doing this. They are deliberately dragging this man through the process. Totally an abuse. We are waiting for the Court of Appeal now for a date.”

The lawyer said that the matter should not take long, as all the documents are in the system already.

“They have no defence. They fired him wrongfully and that is why I believe we should have aggravated damages also. It is almost12 years this man and his family have been waiting.”

NBS, through their attorney, Ashton Chase, had appealed the ruling by Justice Reynolds to award $79M in lost pension and other benefits to Arjoon.

Back in 2007, Arjoon was accused of conspiracy to defraud the NBS of $69M along with Kissoon Baldeo and Kent Vincent. The men were subsequently exonerated of the charges, but claimed that they suffered irreparable harm from the negative publicity and losses of salaries and benefits.