Jagdeo Says U.S. Sanctions Drove Bank Closures, Not PPP Pressure
By Travis Chase | HGP Nightly News
General Secretary of the People’s Progressive Party Civic (PPP/C), Bharrat Jagdeo, has defended the actions of local banks that severed ties with associates of Azruddin Mohamed’s WIN political party, saying the decision stems from international compliance, not political interference.
Speaking to reporters, Jagdeo revealed that two major financial institutions—Citizen Bank and Republic Bank—closed the accounts of Mae Thomas, a former Permanent Secretary and one of the U.S.-sanctioned individuals named in connection with Mohamed’s operations.
“Mae Thomas’ accounts were closed too. That’s the fact,” Jagdeo said, dismissing claims that the PPP pressured Demerara Bank to target WIN Party members.
Why Banks Are Acting: Global Financial Risks
Jagdeo explained that banks risk losing access to the SWIFT network and U.S. correspondent banking relationships if they do not comply with sanctions imposed by the United States’ Office of Foreign Assets Control (OFAC).
“If you lose access to SWIFT or U.S. correspondent banking, you might as well shut down the bank,” he warned.
“It’s a global system. Anyone transferring money abroad has to go through it.”
SWIFT is a crucial platform for international transactions, and being disconnected would render any bank unable to function globally.
Demerara Bank’s Statement
On Tuesday, Demerara Bank confirmed that it had notified several WIN Party associates, including Natasha St. Louis and Dwart Hedsburger, that their accounts would be closed by July 25, 2025, due to their association with a sanctioned individual.
The WIN party has since accused the bank and the PPP of political discrimination and interference in the democratic process. However, Jagdeo firmly denied any link between the PPP and the decision.
Who Is May Thomas?
Jagdeo reminded the press that the U.S. sanctioned Mae Thomas for allegedly misusing her official position to influence contract awards and permit approvals—actions tied to Mohamed’s enterprise. It remains unclear whether she is still on the government’s payroll.
“She was sanctioned because of her misuse of authority,” Jagdeo reiterated.
