High Court Rejects Mohamed’s Appeal to Regain Cambio License

In a significant legal decision, the High Court of Guyana rejected Nazar “Shell” Mohamed and Azruddin Mohamed’s appeal to reinstate their foreign exchange dealer’s licence. Judge Damone Younge delivered the verdict on March 5, 2026, emphasizing the impact of U.S. sanctions on the Mohameds’ reputations.

Key Details of the Case

The court’s ruling acknowledged that the sanctions imposed by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on June 11, 2024, played a critical role in the decision. The Mohameds’ licence for Confidential Cambio was officially revoked shortly after, on June 13, 2025.

Findings of the Court

• The court found the Bank of Guyana acted correctly in revoking the Mohameds’ licence based on their sanctioned status.
• The legislation governing foreign currency licenses mandates that the character and background of applicants be considered in the granting process.
• Justice Younge stated the Bank of Guyana had “every right” to determine that the Mohameds were no longer “fit and proper” to hold a licence.

Moreover, the Mohameds were ordered to pay GY$250,000 in costs to the Bank of Guyana by April 10, 2026. The judge noted that they had not responded to an invitation for a hearing regarding their licence, which was extended in correspondence dated June 12, 2024.

Delayed Legal Action

The court also criticized the Mohameds for undue delay in filing their challenge, which came significantly after their licence had expired on December 31, 2024. The judge highlighted that a year’s delay in legal proceedings without justification weakened their case.

Conclusion

This ruling underscores the serious implications of international sanctions on business operations and licensing in Guyana. The Bank of Guyana’s actions were deemed legally sound, reaffirming the importance of character assessments in the licensing process of foreign currency dealers.

The High Court’s decision serves as a reminder of the judiciary’s role in upholding regulations that align with national and international standards.