NBS appeals $79M award to Maurice Arjoon

The New Building Society (NBS) has moved to the court, challenging the recent $79M judgment in favour of dismissed manager Maurice Arjoon, citing more than a dozen grounds including that it was erroneous and that pension cannot be awarded together with severance and other benefits when an employee is terminated or dismissed.

The Notice of Motion, which was filed by Senior Counsel (SC) Ashton Chase and attorney Pauline Chase last Wednesday, list the New Building Society (NBS), Trust Company (Guyana) Limited, the executor of the estate of Ahmad Khan (deceased), Seepaul Narine and Nizam Mohamed as the appellants and Arjoon as the respondent.

Following the court’s computation from estimates submitted by Arjoon’s lawyers, Senior Counsel Edward Luckhoo and attorney for the bank, Chase, a total of $79,282,801 was awarded to Arjoon on July 20, days after Justice Brassington Reynolds ruled that the former employee was  entitled to recover all benefits that were lost as a result of the dismissal. Arjoon and two others were dismissed in June 2007 following the disappearance of $69 million from the account of Bibi Khan.