Jagdeo: Gov’t assessing sectors potentially affected by Mohameds’ sanctions

In the wake of United States sanctions against Nazar “Shell” Mohamed and his son Azruddin, several government agencies are assessing the sectors impacted, Vice President Bharrat Jagdeo said Thursday.

Once that assessment is completed, the Vice President said the necessary actions, be it the revocation of gold mining licences or otherwise, will be pursued with alacrity.

Already, the Bank of Guyana on Thursday revoked the cambio licence held by the Mohamed’s family at their Lombard Street, Werk-en- Rust, Georgetown headquarters. At his press conference on Thursday, the Vice President said the Central Bank had to act with “alacrity” to insulate the local financial sector from any fallout from the sanctions.

However, other likely exposed sectors are being assessed now.

“So they are still looking at a report on the exposure in the financial sector and all the other agencies that have, like, business interactions or regulatory responsibilities for sectors in which the Mohamdes are involved in,” Jagdeo said.

Once that assessment is done, a report will be compiled and presented to the government for the necessary actions to be taken. Jagdeo said the government is treating the sanctions, and the corruption allegations, seriously.

He also promised that once any unlawful activity is unearthed, culpable persons will face the full force of the law.

Ventures associated with the Mohamed family, namely Mohamed’s Enterprise, Hadi’s World and Team Mohamed’s Racing, were also sanctioned.

Permanent Secretary of the Ministry of Labour, Mae Thomas was also implicated in the corruption allegations and she has since been sent on leave and she has resigned from the leadership of the ruling PPP.