by Svetlana Marshall

Billionaire businessman, Nazar Mohamed, continues to express his frustration over the impact of the US sanctions on him, his son and their businesses and the Guyana Government’s recent moves not to renew a number of the family’s business licenses.

Mr. Mohamed told News Source on Wednesday that the same Government that has now started an onslaught against the family and its businesses was still doing business with the family after the US sanctions were handed down last year.

Last Thursday, Vice President Bharrat Jagdeo said the Government simply can no longer do business with the Mohameds in wake of the US sanctions. He said the Government will not put the country at risk.

However, the Head of Mohamed’s Enterprises, Nazar Mohamed told News Source that the Vice President is being duplicitous. He said since the US sanctions last June, the Government has conducted major business with the sanctioned company.

“The bank has a right to close your account, we can’t deny that, and I understand that. I understand that the bank cannot operate with a sanctioned individual or a sanctioned entity, but to say they cannot do business in Guyana or cannot do any business with Government, that is not so. Because after the sanction, we did three businesses with government, three businesses we did with Government,” Mr. Mohamed said.

He declined to give specifics but assured News Source that he has the evidence to back up his claims. The Mohameds have been involved in gold production, quarry mining, construction and foreign exchange for years.

“I have all the evidence to prove,” Mr. Mohamed said.

According to the businessman, one of those transactions took place last year, while the other two were executed this year.

One of the transactions is believed to have included a decision by the Maritime Administration Department (MARAD) to grant Hadi’s World – a business owned by the Mohameds – cabotage to carry out coastal voyages in Guyana’s waters.

The license was granted in 2024 following the US sanctions. However, MARAD last week said it took a decision not to grant any further permission to Hadi’s World following the expiration of the cabotage in February.

News Source understands that the other two transactions, included financial transactions with the Government.

Mr. Mohamed maintains that it is a breach of his family’s constitutional right to prevent them from conducting business in Guyana. He said based on legal advice provided by his lawyers, the US Treasury Department’s Office of Foreign Assets Control (OFAC) has no personal jurisdiction over overseas companies that are not owned or controlled by US citizens or Companies.

 “My understanding of the sanction and I have a letter from my lawyer that actually tells us what this sanction is about, that the sanction is about that we cannot do business with American companies and American businesses but that does not prevent me from doing any business in my country, and the letter clearly states that the OFAC has no jurisdiction over any other company, outside of American companies and American citizens,” he said.

In announcing the sanctions in June 2024, the US Treasury Department warned that financial institutions and other persons that engage in certain transactions or activities with the sanctioned entities and individuals may expose themselves to sanctions or be subject to an enforcement action.

Noting that the sanctions have taken a significant toll on their businesses, Mr. Mohamed said through his lawyers, he has petitioned the US Treasury Department with the hope of having the sanctions lifted.

Mr. Mohamed was sanctioned together with his son Azruddin Mohamed and Government Permanent Secretary Mae Thomas. The Mohameds have denied the allegations of money laundering, under-declaration of gold and tax evasion which have been leveled against them.

The Government has sought details of the claims against the Mohameds from the US Government, but those details have not been provided.

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