By| Travis Chase | HGP Nightly News|
GEORGETOWN, GUYANA — In a significant legal blow to businessmen Nazar Mohamed and Azruddin Mohamed, the High Court on Thursday, March 5, 2026, dismissed their application to overturn the Bank of Guyana’s 2024 decision to revoke their foreign currency cambio license.
Justice Damone Younge ruled that the central bank acted within its legal mandate when it canceled Confidential Cambio’s license following major international sanctions.
The Ruling: Three Key Legal Pillars
Justice Younge’s decision rested on several critical findings that affirmed the Bank of Guyana’s (BoG) authority under the Dealers in Foreign Currency (Licensing) Act:
- “Fit and Proper” Standard: The Court ruled that the BoG was duty-bound to consider the U.S. OFAC sanctions imposed on the Mohameds in June 2024. Under Guyanese law, the Bank must assess the “character and antecedents” of license holders. The sanctions, which alleged massive gold smuggling and bribery, directly disqualified the duo as “fit and proper” persons to handle foreign currency.
- Due Process Upheld: The Judge rejected the defense’s argument that the Mohameds were denied a right to be heard. Evidence showed the Bank had formally invited the businessmen to a hearing on June 12, 2024. Despite confirming their attendance, they failed to show up. “They were given a reasonable opportunity to be heard,” the Judge noted.
- Significant Delay: The Court highlighted that the judicial review was filed nearly a year after the revocation. Furthermore, because the license in question had already expired by the time the case reached the court, Justice Younge noted it was legally impossible to “restore” a non-existent permit.
Broader Context: The Extradition and Gold Scheme
The dismissal of the cambio case is part of a larger web of legal challenges facing the Mohameds:
- U.S. Indictment: In November 2025, a federal grand jury in Miami indicted the father and son for a $50 million tax evasion and gold smuggling scheme.
- Extradition Battle: The duo is currently fighting an extradition request to the United States. Just two months ago, in January 2026, Chief Justice Navindra Singh refused to halt the extradition inquiry, allowing it to proceed in the Magistrate’s Court.
- Domestic Tax Charges: Interestingly, the Guyana Revenue Authority (GRA) recently dropped separate local tax charges against the pair in late February 2026, though this did not affect the central bank’s regulatory standing.
Case Summary
| Party | Representative | Action/Outcome |
| The Applicants | Darren Wade | Application dismissed; ordered to pay $250k in costs. |
| The Respondent | Pauline Chase (BoG) | Actions found to be lawful and within statutory authority. |
| Key Deadline | April 10, 2026 | Deadline for Mohameds to pay court costs to the BoG. |
Next Steps:
Attorney Darren Wade has confirmed that his clients intend to appeal the ruling to the Full Court, arguing that Justice Younge’s findings were “erroneous” in both law and fact.
