May 16, 2010 News
Two managers of the New Building Society (NBS) who claimed that they were wrongfully dismissed during a fraud investigation, have sued the entity for a total of $1B in punitive damages and loss of benefits.
Additionally, former Directory/Secretary, Maurice Arjoon, and Kissoon Baldeo, Assistant Mortgage Manager, also demanded in their separates writs, to be reinstated in their positions since their sacking were null and void.
The matter was brought against NBS, Trust Company (Guyana) Ltd and Ahmad Khan, Seepaul Narine and Nizam Mohamed– the latter three in their capacity as trustees of the NBS Pension Fund.
The two has retained Nigel Hughes and Senior Counsel Edward Luckhoo as their lawyers and the matters were filed late last week.
The writs, similar in nature, are asking the court for a total of $500M each for the two.
The two plaintiffs claimed damages of $50M for wrongful dismissal on August 14, 2007 and another $50M their unlawful removal from office.
Another $100M each is being demanded for a breach of contract of employment and for termination and severance benefits and outstanding leave payable by NBS.
Both of the former executives also asked the court to make a declaration that they are and still remain employees of NBS.
The writs also asked for orders that will compel the defendants to pay the plaintiffs’ full pension and entitlements under the pension scheme along with court costs and interest.
The defendants have ten days after being served with the writ to enter an appearance or face possible judgment in their absence.
A massive fraud was unearthed at the entity in 2007 in which it was said in excess of $60M was said to have disappeared from a client’s savings account.
The two managers, including a third employee, Operations Manager, Kent Vincent, was all dismissed from NBS and charged by police. While at least one of the cases has been dismissed, a numbers of the charges are still being heard by the courts.
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