THE local daily Kaieteur News issued an apology, on Wednesday, to the New Building Society (NBS) after the newspaper published an inaccurate article in the ongoing appeal between Maurice Arjoon and the bank.

The newspaper erroneously stated that an Ombudsman report had confirmed Arjoon’s contention that he was framed for refusing to lend some $2B of NBS’ money for the construction of the Berbice River Bridge.

However, the Ombudsman’s finding did not pronounce on anything related to this allegation. As such, Kaieteur News issued the apology after the loan agency on Tuesday issued a press release over the prejudicial nature of the report.

According to the NBS in their press release, the ‘Maurice Arjoon Appeal Case’ is currently engaging the attention of the Court of Appeal in Guyana. Kaieteur News on April 13, 2022 made reference to an Ombudsman’s Report which it claims “…confirmed Arjoon’s contention that he was framed for refusing to lend some $2B of NBS’ money to the Bharrat Jagdeo-led government for the construction of the Berbice River Bridge”.

NBS noted that the statement is factually inaccurate, a mischaracterisation of the findings of the Ombudsman’s Report, in breach of the sub judice rule, prejudicial to the pending appeal proceedings and damaging to the reputation of the Society as a premier financial institution in Guyana.

Contrary to Kaieteur News inaccurate statement, NBS stated that the Ombudsman in his report at page 23, stated: “I have no jurisdiction to pronounce on the action of the NBS Board in firing the managers and I therefore refrain from any comment.”

“NBS was not invited to take part in the determination of the complaint made to the Ombudsman by Maurice Arjoon. The Ombudsman nor his office did not invite NBS to so partake. He never sought to interview or obtain a statement from the New Building Society or the Board of Directors,” the NBS said.

It added: “We categorically state that the Berbice Bridge investment was one of the most profitable investments made in the history of the Society and continues to be a profitable venture. There were absolutely no risks involved in that investment and there was no disagreement or disaffection with Mr. Arjoon’s position on that matter nor was he dismissed for his alleged lack of support of the investment or anything touching and concerning that investment. His dismissal emanated out of completely different circumstances touching and concerning the execution of his duties. Any insinuation or allegation to the contrary or that he was ‘framed’ by NBS is a complete fabrication.”

It is most regrettable, said the loan agency, that just a day after Counsel for NBS made mention during the hearing of the said appeal of the continued public statements being made thereon in breach of the sub judice rule, that such statements would be proffered.

“In the premises we call on media houses to observe the sub judice rule and to ensure that published statements are not prejudicial to individuals or organisations that are involved in litigation matters,” NBS noted.