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Guyana’s High Court has ruled that the Bank of Guyana lawfully revoked the cambio licence held by Nazar Mohamed and Azruddin Mohamed, dismissing a legal challenge brought by the businessmen and ordering them to pay costs.
In a decision delivered on Thursday, Justice Damone Younge dismissed the application filed by the Mohameds, who trade under the name Confidential Cambio, and ordered them to pay $250,000 in costs to the Bank of Guyana on or before April 10, 2026.
The Mohameds had filed proceedings on June 13, 2025, seeking court orders declaring that the revocation of their cambio licence by the central bank on June 13, 2024, was unlawful, null and void, and requesting that the licence be restored.
However, the court rejected their claim that they were not given an opportunity to be heard before the licence was revoked.
Justice Younge found that a letter dated June 12, 2024, which was attached to the applicants’ own court filings, had invited them to attend a hearing. The court noted that the applicants acknowledged receiving the notice and confirmed their attendance by email but did not attend the hearing.
The judge also dismissed the applicants’ argument that the Bank of Guyana had predetermined the matter or that the June 12 letter itself revoked the licence.
The court found that the Central Bank had the legal authority to revoke the licence under the Dealers in Foreign Currency (Licensing) Act and exercised that authority lawfully.
Justice Younge further agreed with the submissions of the Bank of Guyana that the applicants were guilty of undue delay in filing the legal challenge, noting that the proceedings were brought one year after the revocation without explanation and after the licence would have expired on December 31, 2024.
The Bank of Guyana had moved to revoke the licence after the Mohameds were added on June 11, 2024, to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) sanctions list.
The applicants were represented by attorney Darren Wade, while the Bank of Guyana was represented by Pauline Chase.
