UPDATE: $59.3M cheque made out to Arjoon as several NBS officials detained

NBS Republic Avenue head office

Following today’s standoff between the New Building Society (NBS), High Court Marshals and lawyers representing former CEO Maurice Arjoon, over the move by the latter to levy for a $59.3M court awarded judgement, this publication understands that a cheque to the tune of $59.3M was made out to Arjoon after the Police had to intervene.

This situation necessitated the involvement of Deputy Commander of ‘A’ Division and Senior Superintendent of Police, Wendell Blanhum, as well as other high ranking police officers.

The bank, which is appealing the $59M award, had this midday locked the doors to the institution, this publication was informed, trapping among others, a lawyer, a court marshal and a police officer within the facility.

Officers outside gained entry into the building some four hours after it was ordered shut and arrested two internal security officers of the bank for their alleged role in obstructing the order.

Maurice Arjoon

Moreover, this publication was informed that several of the bank’s managers were detained by police over allegations that they unlawfully imprisoned persons within the facility by ordering the lockdown.

Statements were taken from the civilians after police had gained entry into the bank.

At approximately 16:45 today, a number of NBS staff were allowed to leave the building.

As the standoff wore off, legal representative for NBS, Pauline Chase told media operatives that there was an application pending at the time to overturn the judgement and as such, the litigants should have delayed their action.

Arjoon and two of the bank Managers were fired from NBS over a decade ago, after they were accused in court of conspiring to defraud the bank of GY$69M.

That court matter was eventually dismissed and the former CEO subsequently sought damages for wrongful dismissal, loss of income, pensions and damage to his character.

High Court Judge, Justice Brassington Reynolds subsequently ruled in the Arjoon’s favour, awarding him more than $79M in outstanding payments and benefits.

However, the Court of Appeal subsequently ruled that he should be paid GY$59M.



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