Guyana Bank Governor Urges Lawsuit Withdrawal
Dr. Govind Ganga, the Governor of Guyana Bank, has advised businessman Azuldin Mohamed to withdraw legal actions against various commercial banks. This recommendation follows the closure of bank accounts belonging to several members of his political party.
The governor suggested that Mr. Mohamed reconsider his lawsuit against these banks, highlighting the banks’ duty to evaluate risks related to money laundering and terrorism financing.
According to the Department of Public Information (DPI), Mohamed, who leads the political group “Investing in the People,” has distorted facts on social media regarding his discussions with the governor of the central bank.
Last month, five party leaders filed lawsuits against several banks, including Citizen Bank, Guyana Bank, Trade and Industry Bank, and Demerara Bank Limited, after their accounts were closed. This account closure reportedly began once their names surfaced on the nomination list for the upcoming general and regional elections slated for September 1, 2025. Demerara Bank has indicated that the closures were tied to Mohamed, as the U.S. Treasury’s Office of Foreign Assets Control (OFAC) has accused him of evading more than $50 million in taxes related to over 10,000 kilograms of gold exports in June 2024.
Earlier this month, the Guyana Revenue Agency (GRA) petitioned the High Court to suspend tax evasion civil cases against Mohamed. This came as the magistrate’s court is set to address criminal tax evasion charges and allegations of false declarations concerning imported Lamborghini luxury vehicles. The GRA is questioning the legitimacy of the value Mohamed claimed for a Lamborghini Roadster SVJ, which he asserted he purchased for $75,000—a figure that contrasts with the agency’s findings from the U.S., alleging the true cost was around $695,000.
Sanctions imposed by OFAC on both Mohamed and his father, Nazar “Shell” Mohamed, have played a significant role in the election campaign of the People’s Progressive Party Civic.
