NBS hands over $59M cheque to Arjoon following standoff

By Bibi Khatoon

Following hours of a stand-off between the New Building Society (NBS) and Attorneys representing former Chief Executive Officer, Maurice Arjoon, the bank Tuesday afternoon handed over a cheque valuing over $59M –a sum awarded to Mr Arjoon by the High Court, for wrongful dismissal.

Attorney-at-law, Sanjeev Datadin, who represented Mr Arjoon confirmed to News Room that he is in receipt of the cheque.

High Court Marshals, security officers and Arjoon’s lawyer swooped down on the bank’s Lot 1, Avenue of the Republic, Georgetown headquarters at about noon on Tuesday to seize assets belonging to the bank. One vehicle was seized before the bank closed its doors, locking staff, customers, a High Court Marshal and a police officer in the building.

According to sources, a meeting was convened by the Directors of the Bank just after 16:00hrs following which the decision was made to pay Arjoon.

In June 2007, Arjoon was dismissed along with two others following the disappearance of $69 million from the account of Bibi Khan. The men were subsequently exonerated of the charges.

Arjoon then filed a wrongful dismissal lawsuit and acquired a $79M judgment in the High Court. However, the awarded sum was broken down to the tune of $59,033,000 following hearings in the Appeal Court.

While the bank is claiming that it has filed an appeal in the matter, Arjoon’s Lawyer, Sanjeev Datadin today contended that the appeal is still pending and therefore, does not prevent the execution of the levy.