– Advertisement –
GEORGETOWN, Guyana, Mar 31, CMC – The Guyana Bank for Trade and Industry (GBTI) says it will appeal a High Court decision that the financial institution wrongfully closed the bank accounts of four members of the main opposition We Invest in Nationhood (WIN) political party.
“While GBTI respectfully notes the Court’s findings, GBTI has taken the decision to appeal certain findings in the ruling,” the bank said in a statement.
On Monday, Justice Nicole Pierre also awarded costs to the four applicants — Vanessa Bagot, Heerawattie Mangaldeen, Natalia Angela and Abdul Ally — who were all represented by attorney, Darren Wade.
The judge found in each case that GBTI breached the contract in that it breached the implied duty to act in good faith in the exercise of its discretionary contractual powers and awarded each of the applicants damages of GUY$20,000 (One Guyana dollar=US$0.004 cents) and costs of GUY$300,000.
Justice Pierre found that while GBTI was entitled to take steps to manage sanctions-related risk as a legitimate commercial objective, the manner in which it exercised its contractual power to terminate the applicant’s account did not satisfy the minimum standards imposed by law.
“The decision was not based on any identified conduct or evidence specific to the Applicant, but on a generalised assumption arising from her association with a political party whose leader was sanctioned. In the absence of any inquiry, and where less intrusive measures were available but not considered, the termination cannot be characterised as a rational or good faith exercise of the Respondent’s discretion,” she added.
Justice Pierre, however, dismissed their claim of procedural fairness and natural justice, saying that the decision stemmed from a private contract and not amenable to public law review.
She also dismissed claims for unlawful discrimination under the Prevention of Discrimination Act, and the alleged non-compliance with the Anti-Money Laundering and Countering the Financing of Terrorism Act for disclosing no private cause of action.
The High Court refused claims for declaration that the WIN party is a legal entity distinct from its members, and no sanctions have been imposed on the WIN party or any members other than its leader is refused.
Several commercial banks had closed the bank accounts of many WIN party supporters shortly after their names were seen on the gazetted lists of candidates for the September 1, 2025 general and regional elections.
The move came after the WIN leader Azruddin Mohamed and his businessman father, Nazar “Shell” Mohamed were indicted in the United States in October 2025 on charges including wire/mail fraud, money laundering, and bribery linked to a US$50 million gold smuggling and tax evasion scheme. They were arrested in Guyana in October 2025 and are challenging the US extradition request.
In its statement, the GBTI described the award of damages and costs to each of the applicants as “nominal” and that it remains “unwavering in its commitment” to upholding the highest standards of regulatory compliance and risk management, acting responsibly and prudently in protecting the financial system and continuously strengthening its policies, procedures, and decision-making frameworks.
The bank took credit for the court’s dismissal of the majority of the claims brought against the GBTI including allegations of unlawfulness, discrimination, breach of statutory obligations under anti-money laundering legislation, and claims for substantial damages.
“These findings affirm the Bank’s adherence to its regulatory responsibilities and its commitment to operating within the framework of Guyana’s financial laws and international compliance standards,” the GBTI said, adding that it appreciates the continued trust of its customers, stakeholders, and the wider public, and remains committed to delivering secure, transparent, and responsible banking services.
– Advertisement –