NBS moves to block ‘cashing’ of $59M cheque to Arjoon


Even though former Chief Executive Officer of the New Building Society (NBS), Maurice Arjoon deposited his $59M cheque, the NBS says it will move to “safeguard” the sum, given the fact that the matter will continue in Court until a final resolution.

The NBS decided to pay Arjoon the money in keeping with a court order, after hours of a showdown on Tuesday, January 23, 2018, in which Arjoon’s lawyers moved to levy on the bank’s assets.

On January 04, 2018, NBS, as well as the other appellants, including Trust Company (Guyana) Limited, received a court order directing that the sum of $59,033,281.00 be paid over to Arjoon representing his pension benefits after he filed a wrongful dismissal claim against the society.

The Lawyers for the Society and Trust Company appealed that decision on January 09, 2018 and requested the Court of Appeal to set aside that order but the court is yet to deliberate on the matter.

NBS said that while they decided to pay over the said sum to avoid a confrontation, it “will be taking steps to safeguard that sum given the fact that the matter will continue in Court until a final resolution. Assuming that they were correct to levy for the Pension Benefits, this payment ought to have been made from the Pension Scheme Funds and not the NBS assets. The Society will, therefore, seek to redress this illegal and improper conduct of Mr. Arjoon’s representatives, his Lawyers and the Marshals.”

When contacted by the News Room on Wednesday, Arjoon’s attorney, Sanjeev Datadin said that the NBS will be in disobedience of a court order if they move to block the cashing of the cheque.

“They (NBS) can take every step they wish to take…I don’t think the appeal will have any realistic outcome,” the Attorney told News Room. 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.

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