US-indicted businessmen Nazar and Azruddin Mohamed have lost a case filed in the High Court to have their cambio licence reinstated.
On June 13, 2025, the businessmen, trading under the name, style and title of Confidential Cambio, filed proceedings in the High Court for orders that the revocation of their cambio license by the Bank of Guyana on June 13, 2024, was unlawful, null, void and of no legal effect and praying for its restoration.
Today, Justice Damone Younge dismissed the application of the Mohameds with costs to the Bank of Guyana in the sum of $250,000 to be paid on or before April 10, 2026.
The judge rejected the applicants’ contention that they were not afforded an opportunity to be heard prior to the revocation of their license since the letter attached to their own application of June 12, 2024 expressly invited them to a hearing, but for reasons known only to them, they did not avail themselves of that opportunity notwithstanding email acknowledgment of receipt of the notice of hearing and confirmation of their attendance.
The court further unequivocally dimissed the Applicants’ contention that the Bank of Guyana had predetermined the matter or that the letter of June 12, 2024, revoked the license.
The court found that the Bank of Guyana was vested with the authority to revoke the cambio license of the Applicants and did so lawfully under the Dealers in Foreign Currency (Licensing) Act.
In closing, the court agreed with the submissions of the Bank of Guyana (Respondent) that the Applicants were guilty of undue delay in instituting the proceedings challenging the revocation of their license since the proceedings were, without explanation, filed one year after the revocation thereof; and after the license would have in any event expired on December 31, 2024.
The Bank of Guyana moved to revoke the license of the Mohameds after they were added on June 11, 2024, to the to the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List as sanctioned individuals and entities.
The applicants were represented by Darren Wade and the Respondent, Bank of Guyana by Pauline Chase.
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