The High Court has ruled that the Guyana Bank of Trade and Industry acted in bad faith when it closed the bank accounts of members of the We Invest in Nationhood party, finding that the bank breached an implied contractual duty of good faith in its handling of the terminations.

Presiding Justice Nicola Pierre delivered the ruling on Monday, following claims brought by WIN party members whose accounts were closed by GBTI due to their affiliation with U.S.-sanctioned businessman Azruddin Mohamed. The members sought declarations that the WIN party is a distinct legal entity separate from its members, that no sanctions had been imposed on the party or its candidates beyond its leader, and that the bank’s actions were unlawful, improper, and discriminatory.

In her decision, Justice Pierre drew on a recent Caribbean Court of Justice ruling in the matter of Cara Investment Limited versus Christopher Ram et al, in which the CCJ affirmed that contractual performance requires parties to act honestly, reasonably, and fairly, and not capriciously or arbitrarily.

“Where a bank exercises a contractual power to terminate a customer relationship, particularly where that power involves evaluative judgment such as risk assessment, the law implies a minimum duty of good faith governing the exercise of that power. That duty requires that the bank acts honestly and in good faith, without dishonesty, bad faith, or knowing misrepresentation,” Justice Pierre said in her ruling.

The court awarded nominal damages and costs to the affected WIN members. However, the majority of claims brought against GBTI, including allegations of unlawfulness, discrimination, breach of statutory obligations under anti-money laundering legislation, and claims for substantial damages, were dismissed.

GBTI acknowledged the ruling in a press release issued Monday but announced its intention to appeal the findings that went against it. The bank said the dismissal of the majority of claims affirmed its adherence to regulatory responsibilities and its commitment to operating within Guyana’s financial laws and international compliance standards.

WIN members were represented by attorney Darren Wade. GBTI was represented by Stephen Fraser, SC, along with Shontel Scott, Sydney Fraser, and Shakisa Harvey.

SOURCE: Kaieteur News, “GBTI acted in bad faith when it closed WIN party members’ accounts, court rules,” March 31, 2026