STATEMENT ON THE DIMISSAL OF THE PROCEEDINGS FILED BY THE MOHAMEDS TO REINSTATE THEIR CAMBIO LICENSE
On June 13th, 2025, NAZAR MOHAMED and AZRUDDIN MOHAMED trading under the name, style and title of CONFIDENTIAL CAMBIO filed proceedings in the High Court praying for Orders that the revocation of their cambio license by the Bank of Guyana on June 13th, 2024, was unlawful, null, void and of no legal effect and praying for its restoration.
Today, the Honourable Justice Damone Younge dismissed the application of the Mohameds with costs to the Bank of Guyana in the sum of $250,000.00 (two hundred and fifty thousand dollars) to be paid on or before April 10th, 2026.
Her Honour 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 12th, 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 12th, 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 31st, 2024.
The Bank of Guyana moved to revoke the license of the Mohameds after they were added on June 11th, 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 Ms. Pauline Chase.
March 5th, 2026