Latest update March 29th, 2024 12:59 AM
Apr 19, 2011 News
Former Director General for the New Building Society, Maurice Arjoon, who was charged with conspiring to defraud the company of $69M, has filed a High Court motion against the Director of Public Prosecution Shalimar Ali Hack for malicious prosecution.
The motion was filed last week by Attorney at law Nigel Hughes. Arjoon is seeking damages in excess of $100,000.
The former director is also seeking exemplary damages, costs, interest and other claims which the court may deem just. The matter is expected to come up this week.
Arjoon, and Operations Manager Kent Vincent were charged with conspiracy to defraud the NBS of $69 million. The matter against Arjoon was discharged earlier in the year by Magistrate Fazil Azeez after Arjoon’s lawyer Nigel Hughes argued that there was no evidence linking his client to the crime.
Furthermore the lawyer had stated that the police couldn’t even justify why Arjoon was even charged.
Charges were also instituted against Ashley Legall, Imran Bacchus, Amarita Prashad and Mohanram Shahebudin. They were all charged with conspiracy to defraud the NBS.
It was alleged that they withdrew $32,230,384 from an account using two cheques.
The latter four employees were subsequently fired.
The first charge alleged that on November 20, 2006 Legall, Bacchus and Shahebudin conspired with others to withdraw $20.5M from the Savings and Prosper account in the name of Bibi Khan at NBS by way of two cheques.
The second charge stated that on November 1, 2006 Legall, Bacchus, Prashad and Shahebudin allegedly conspired with others to withdraw $15M from Khan’s account in the form of two cheques in the name of M. Kryshundayal and Compton Chase respectively.
The third charge states that Bacchus, Legall, Shahebudin, Baldeo and Vincent on November 17 allegedly conspired to withdraw $22,664,000 from Khan’s account by using two cheques, one in the name of M. Hussein and the other, Compton Chase.
The matter was being prosecuted by Special Prosecutor Hukcumchand.
Arjoon along with operations manager Kissoon Baldeo had sued the NBS for $1B in punitive damages in their claim that they were wrongfully dismissed during a fraud investigation.
He also demanded that he be reinstated to his position and that his sacking was 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 writ, similar in nature, is asking the court for a total of $500M for Arjoon and Baldeo.
The two 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.
THIS IDIOT TELLING GUYANA WE HAVE NO SAY IN THE 50% PROFIT SHARING AGREEMENT WE HAVE WITH EXXON.
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