President Irfaan Ali on Thursday addressed concerns about the impact of recent U.S. sanctions imposed on prominent Guyanese businessmen Shell Mohamed, his son Azruddin Mohamed, and Permanent Secretary, Mae Thomas. Despite the seriousness of the sanctions, Ali emphasized that there have been no significant adverse impacts on the local economy.
In response to a reporter’s query about the preliminary findings of an investigation by the Bank of Guyana and the Financial Intelligence Unit into the sanctions’ economic repercussions, President Ali provided a detailed update. “First of all, let me say that we have made the official requests to the U.S. for information,” he said. “As you know, that information, as they would have said to us, will take some time to come. So we are awaiting that information.”
Ali assured that all relevant institutions are actively monitoring the situation. “All stakeholders, institutions locally are monitoring the situation. They’ve all examined their systems and none of the institutions, the banking institutions has conveyed to me any significant impact on the local system, but they are doing their work independently. And that work is continuing.”
The President highlighted the need for patience and a thorough approach in dealing with the situation. “We have to—we can’t be premature in anything we do. You have to await the full information sent to understand what we’re dealing with. But as I said, we are taking proactive steps and requesting information from all the stakeholders,” he noted.
When asked about the status of the potential revocation of the Mohamed’s gold licence, President Ali was clear that the situation is under careful review. “I can’t say whether it’s been revoked as yet. I know there’s a process of engagement. The process with the banks, the gold board—all of those processes are ongoing,” he stated.
The reporter then inquired about the reasons for the swift move to suspend the cambio licence compared to the gold licence. Ali explained that all transactions with the gold board and other entities associated with the Mohameds are currently suspended. This means whether or not the licence is revoked the Mohameds cannot conduct any gold business. “But let me say this to you. Everything is suspended for that company. They can’t transact—you understand sanction? The government is awaiting the information sent. As of now, what has been said in the report is the issue of tax evasion,” Ali elaborated.
He further clarified the government’s position on acting upon the sanctions. “GRA [Guyana Revenue Authority] has requested information. The Ministry of Finance has requested information. We cannot operate without the information. You understand when that information comes, then if there is a discrepancy between, for example, what was declared here and what was declared there, which leads to a tax evasion issue, then that helps us to build the case and to help GRA and the audit agency to take the necessary actions that are required,” he said.
Ali reiterated that while the processes may differ in complexity, the sanctions’ substance is being adhered to. “Everything is suspended. Let’s make this very clear. All transactions with the gold board—everything is suspended. As I said, there’s a process. The rule of law is the rule of law. I don’t intervene in the process. There is due process in everything. And that process is ongoing,” he remarked.
The president underscored that despite the immediate suspension of transactions and licences, the economic impact has not been substantial. He conveyed confidence that the Guyanese economy remains stable amid the sanctions and reiterated the government’s commitment to due process and compliance with international and domestic regulations.
