…PSC reaffirms that companies operate fully within framework of Guyana’s laws,
international regulations
The Georgetown Chamber of Commerce and Industry (GCCI) has strongly condemned a recent call by We Invest in Nationhood (WIN) for citizens to boycott several businesses operating in Guyana, branding the move as “dubious, self-serving, divisive, and dangerous.”
The move to boycott two commercial banks, Demerara Distillers Limited (DDL), the Beharry Group, KFC, and Pizza Hut, was announced by leader of the party and United States (US)-sanctioned businessman Azruddin Mohamed, following the closure of bank accounts held by WIN candidates.
In a sharply worded statement, the GCCI accused WIN of attempting to weaponise the private sector in pursuit of narrow political goals, warning that such tactics threaten to undermine national unity and economic confidence.
On this point, the Chamber of Commerce reminded that businesses are not political battlegrounds and clarified that the closure of WIN accounts by financial institutions was not politically driven but rooted in the June 2024 US sanctions levied against WIN’s presidential candidate, Azruddin Mohamed, by the Office of Foreign Assets Control (OFAC). Under OFAC regulations, financial institutions that conduct business with sanctioned individuals or entities risk enforcement actions and legal penalties. “The Georgetown Chamber of Commerce and Industry strongly rejects and condemns calls from the “We Invest in Nationhood” party to boycott several local businesses,” the release stated.
GCCI affirmed that the financial institutions acted appropriately to protect themselves from the risks associated with dealing with sanctioned individuals.
The Chamber described the WIN party’s calls to boycott banks and businesses as “dubious and self-serving”, as well as “reckless, divisive and dangerous”. It warned that such actions threaten private sector and national development, investor confidence, livelihoods and democratic values.
Adding its voice, the Private Sector Commission (PSC) issued its own firm rejection of WIN’s actions, reaffirming that all the companies under WIN’s attack operate fully within the legal framework of Guyana and in compliance with international financial regulations. Warning of the consequences for national stability and employment, the PSC reminded Guyanese that the affected businesses collectively support thousands of jobs and maintain longstanding relationships with US and international stakeholders. Against this backdrop, PSC also called on political actors to act responsibly and avoid stoking division in a fragile political and economic environment. “The Private Sector Commission (PSC) strongly condemns the recent abhorrent public call by the WIN Party to boycott several private companies operating lawfully in Guyana. This call is reckless, inflammatory and both politically and economically irresponsible. The greatest threat to democracy is not lawful private enterprise; it is the dangerous weaponisation of political rhetoric to incite division, erode trust and destabilise our economy and society,” the release stated.
“Many of our member companies maintain longstanding economic relationships with the United States and other international partners. Threatening these businesses for making responsible, lawful decisions is not only misguided but also reckless, with potential consequences for the thousands of Guyanese whose livelihoods depend on them,” it added.
Closed accounts
Less than a week ago, the Guyana Bank for Trade and Industry (GBTI) closed over 20 accounts of candidates affiliated with the political WIN party, which is led by US-sanctioned Azruddin Mohamed, an action driven by elevated risk concerns and compliance with policies set out by the US Treasury Department’s OFAC regarding dealings with sanctioned individuals. While GBTI has not disclosed any specifics on the closed accounts, a source close to the bank confirmed that several accounts were shut down following a review of the clients’ risk profiles. GBTI’s decision now mirrors similar action previously taken by Demerara Bank. Among the candidates who have publicly said that their accounts were closed are Duarte Hetsberger and Natasha Singh-Lewis, who is a former A Partnership for National Unity (APNU) member of parliament, while Hetsberger is a former personal assistant of former Chief Elections Officer Keith Lowenfield. Banks have been compelled to review their compliance measures in line with international banking regulations, particularly those mandated by Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws, which are designed to prevent the use of illicit funds.
In fact, when asked recently for comment regarding the bank’s recent decision, Demerara Bank’s Chief Executive Officer (CEO), Dowlat Parbhu revealed in an interview with Demerara Waves that the decision was made to ensure the bank complies with international financial sector rules governing relations with sanctioned individuals. He was quoted saying, “I don’t think it should be unclear. If they had read all the provisions of international compliance legislation and protocol dealing with an individual that was sanctioned by OFAC, then they should be very clear. If those who are interested go and read it, they will find the reason why Demerara Bank had to take such a decision.”
Banks justified
Last week, during his weekly press conference General Secretary (GS) of the People’s Progressive Party Civic (PPP/C) and the country’s Vice President (VP) Bharrat Jagdeo had rubbished claims by candidates of the WIN political party, founded by US-sanctioned businessman Azruddin Mohamed, that the Government is influencing commercial banks to close their accounts.
While the candidates have alleged discrimination by Demerara bank, Jagdeo explained that all banks will be forced to de-risk their services to protect relations with US banking facilities.
In 2024, the US Department of the Treasury’s OFAC announced sanctions against Nazar Mohamed, his son Azruddin Mohamed, several of their companies, and a Guyanese Government official, Mae Thomas, for their alleged involvement in public corruption in Guyana. According to a statement from OFAC, this is related to the evasion of taxes on gold exports, noting that between 2019 and 2023, Mohamed’s Enterprise omitted more than 10 thousand kilograms (kg) of gold from import and export declarations and avoided paying more than US$50 million in duty taxes to the Government of Guyana.
Maduro puppet
Recently, US Congressman Carlos Gimenez expressed that “in the US Congress we are alarmed by the regime in Venezuela’s attempt to undermine Guyana through its pro-Maduro puppet candidate Azruddin Mohamed, who is sanctioned by OFAC.”
Additionally, US Congresswoman María Elvira Salazar recently cautioned that “individuals sanctioned for illicit activities must not be allowed to jeopardise” the important Guyana-US relations.
Local tax evasion
Mohamed is currently before the local court charged with allegedly fraudulently under-declaring the value of a Lamborghini Aventador, which is currently at the centre of the dispute between him and the Guyana Revenue Authority (GRA).
The US Department of Justice (DOJ), under the Mutual Legal Assistance Treaty (MLAT), provided an original invoice for the Lamborghini Aventador, which was billed to Azruddin Mohamed himself, to the tune of US$695,000.
However, in his previous declarations to the court, Mohamed claimed to have spent US$76,000 on the luxury car. A difference of some US$619,000.
In April, GRA officials, backed by police, attempted to seize several luxury vehicles – including a Lamborghini Roadster, Ferrari, Rolls Royce and Land Cruisers – from the Mohamed’s residence in Houston, Greater Georgetown. The operation was aborted after a hostile crowd, reportedly paid by Mohamed, blocked access to the premises. GRA has said that the vehicles were imported under the remigrant scheme but failed to meet key requirements, including residency status and proper declaration of value. The total tax liability in the matter is estimated at nearly $900 million. Among the outstanding amounts are: $479.7 million for a 2020 Ferrari registered to Hana Mohamed; $371.7 million for the Lamborghini tied to Azruddin Mohamed; $320 million for a 2023 Rolls Royce registered to Bibi Mohamed; and additional millions linked to a Range Rover and Toyota Land Cruisers under various family names.
