Azruddin Mohamed confident US will lift sanctions, plans to renegotiate PSA with ExxonMobil

Last Updated on Friday, 25 July 2025, 21:33 by Writer

Guyanese billionaire businessman, Azruddin Mohamed, on Thursday said he was optimistic that the United States (US) would lift its now one-year-old sanctions on him for alleged tax evasion on gold exports.

“When we take office on the second of September, the United States of America will work with us,” he told a news conference that was called to launch his We Invest In Nationhood (WIN) political party’s manifesto. He cited recently improved relations between U.S. President Donald Trump and his Syrian counterpart Ahmed al-Sharaa. He later told reporters that his lawyers were working with the Treasury Department’s Office of Foreign Assets Control (OFAC) “to get me delisted.” “I think I am being very optimistic that very soon I will be delisted so that we can work together with the United States of America,” he said.

U.S. Ambassador to Guyana Nicole Theriot on Wednesday expressed concern that an individual sanctioned by OFAC becoming a member of parliament or on a government committee, saying that could have serious implications for U.S.-Guyana political relations and possibly a scaling back or pulling out of American investments here.

He later told reporters that Guyana is a sovereign nation and he was responding to the people of Guyana’s call for him to contest the September 1 general and regional elections. “This is a sovereign nation. This is the will of the people. They want me to run for office. That is why I declared my candidacy – the people of this country,” he said.

Asked how a WIN-led administration would finance the several programmes and policies that are outlined in the manifesto, Mr Mohamed restated that the money would come from a cut in “wasteful spending and corruption.” WIN also said it would renegotiate the 2016 Production Sharing Agreement with ExxonMobil for “fairer terms” and “apply strict ring-fencing rules to all oil blocks” for the costs and expenses of each oil development project. If it wins, the party says it will publish all extractive contracts in full, including annexes and fiscal terms, on a centralised, searchable portal and monitor and publish how oil revenues are spent in all sectors.

Mr Mohamed remarked that since he was sanctioned in June 2024 for allegedly evading US$50 million in taxes payable to Guyana for undeclared gold exports totalling more than 10,000 kilogrammes, the country’s foreign exchange rate has moved from US$1 = GY$215 to US$1= GY$230 in notes due to a shortage. “Since I was sanctioned, the financial system within the bank – heavy shortage of foreign currency but they won’t say this,” he said. Asked again to react to the OFAC sanction, he would only say “I don’t know about that” and added that he was one of Guyana’s largest taxpayers.

Mr Mohamed also vowed to clamp down on the alleged smuggling of gold to Brazil and Venezuela by an unnamed gold dealer who is close to the governing People’s Progressive Party. “When I take office come the second of September, I will ensure that all this gold – taxes must be paid on it and it will be exported to the United States of America or Dubai,” he said.

With WIN promising to increase the income tax threshold from GY$130,000 to GY$200,000, reduce income tax from 25 percent to 20 percent, a gradual increase in salaries to 50 percent and the duties on several categories of vehicles, Mr Mohamed said the Treasury has to forgo GY$200 billion. “We have the money, Sir”.

He said paying GY$100,000 in old age pensions to 85,000 pensioners would cost the Treasury GY$60 billion annually. He did not say how much the increased salaries and grants would cost the Treasury yearly.

Other money-related proposals include an increase in public assistance from $22,000 to $50,000; public assistance for individuals living with HIV and cancer will increase from $14,000 to $30,000, a G$100,000 annual school cash grant, annual conditional cash transfers and possibly an increased private sector minimum wage.

WIN member, Dawn Hastings said WIN’s plans for the Indigenous Indian communities include engaging the National Toshaos Council to establish a credit union for financing projects for hinterland communities. She said if her party wins the polls, it would take steps to increase disbursements from carbon credits.

When approached after the news conference, based on an assurance by WIN’s General Secretary Odessa Primus, that he was not going anywhere and would be available to answer any other questions, Mr Mohamed got up abruptly, went downstairs and entered the building. Several media workers expressed concern to WIN officials about the way they were treated.

After much lobbying, Mr Mohamed obliged speaking with representatives of two media houses while the others remained locked outside.

On several media workers’ arrival for the launch of the manifesto, executive members of the Guyana Press Association (GPA) ensured that there was no prohibition to media houses being allowed to cover the manifesto launches.