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NBS pays Maurice Arjoon GY$59 million after stand-off

After a stand-off of several hours, the New Building Society (NBS) on Tuesday paid up a more than GY$59 million dollar dismissal judgement to former Chief Executive Officer of the New Building Society (NBS), Maurice Arjoon.

Sources told Demerara Waves Online News that the cheque has been already written and handed over.

High Court Marshals and Arjoon’ s lawyers descended on NBS’ headquarters Tuesday afternoon and seized one vehicle belonging to Guyana’s premier lending institutions. When steps were being taken to take away other items, security guards were ordered to lock the front door and back gate as well as prevent anyone from leaving or entering the premises.

Customers, who were inside the bank at the time, were subsequently whisked through the back gate.

When the front door was opened shortly after 3PM for police, lawyers and High Court Marshals to enter, police almost immediately arrested thtee NBS internal security guards and placed them in a Guyana Police Force prisoners’ van tgat has been outside the financial institution’s offices on Avenue of the Republic.

Deputy Commander for ‘A’ Division, Senior Superintendent Wendell Blanhum has expressed concern about the alleged false imprisonment of several persons inside the bank and has signaled that charges would be filed.

At 4:56 pm, dozens of staff members were allowed to leave for home, while police, lawyers, High Court Marshals and senior staff members remained inside.

The eventual payment of the cash followed initial resistance by NBS to do so because a yet to be heard stay of execution had been filed.

Arjoon had previously acquired a GY$79 million judgement for wrongful dismissal, pensions, salaries and irreparable harm to his character. However, the Court of Appeal ordered a stay on the payment of GY$20 million.

Initially, Arjoon had filed for damages amounting to GY$500 million after he was fired in 2007 for allegedly conspiring with others to defraud NBS of GY$69 million. He,  Kissoon Baldeo and Kent Vincent were all later cleared of blame.

Arjoon had claimed that he and the two others were set up and charged based on high-level political directives that they had refused to invest about GY$2 billion dollars in the Berbice Bridge project.