High Court proceedings filed by Nazar Mohamed and his son, Azruddin Mohamed, seeking to reinstate their cambio license were dismissed on Thursday by Justice Damone Younge. The Mohamed family, through their lawyer Darren Wade, applied for a judicial review of the Bank of Guyana’s decision to revoke their cambio license for the business, Confidential Cambio.
The application was notable for its timing, being filed one year after U.S. sanctions were imposed and the license was revoked. The Mohameds argued that the decision violated their right to natural justice. However, Justice Younge disagreed, affirming that the Bank of Guyana was properly empowered to revoke the license and that the Mohameds had been given an opportunity to be heard prior to the revocation.
In her ruling, Justice Younge indicated that the letter attached to the Mohamed’s application, dated June 12, 2024, explicitly invited them to a hearing regarding the license revocation. She highlighted that they acknowledged receipt of this notice and confirmed attendance but failed to participate.
In her closing remarks, Justice Younge dismissed claims of predetermined outcomes regarding the license revocation. The Court found that the Bank of Guyana acted lawfully under the Dealers in Foreign Currency (Licensing) Act in revoking the license.
Additionally, the Court noted the applicants’ undue delay in filing their proceedings, stating they had waited a year after the license revocation to challenge it—despite the license’s expiration set for December 31, 2024.
As a result of the decision, the Court ordered the Mohameds to pay the Bank of Guyana costs amounting to $250,000, due by April 10, 2026.
The Bank of Guyana’s action to revoke the license stemmed from the addition of the Mohameds to the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List on June 11, 2024.
The applicants were represented by Darren Wade, while the Bank of Guyana was represented by Ms. Pauline Chase.
