The High Court has ruled that the Guyana Bank for Trade and Industry (GBTI) breached its contractual duty in closing the account of political candidate Vanessa Bagot, while dismissing several other claims, including discrimination and illegality.
The decision, handed down by Justice Nicola Pierre on March 30, 2026, arises from a broader set of cases filed by individuals associated with the We Invest in Nationhood (WIN) party, whose accounts were terminated by the bank ahead of the 2025 General and Regional Elections.
Bagot challenged the bank’s decision after her account was closed in July 2025.
She argued that her account had been in good standing and that the closure was unlawful, discriminatory, and influenced by her political affiliation as a WIN candidate. She also contended that the bank failed to comply with anti-money laundering laws and breached duties of good faith and natural justice.
GBTI, in its defence, maintained that the decision was not based on political views but on sanctions-related risk, pointing to the designation of WIN party leader Azruddin Mohamed by the United States Treasury’s Office of Foreign Assets Control (OFAC).
The bank argued that accounts linked to WIN members posed an elevated risk of being used as indirect channels for financial transactions benefiting a sanctioned individual, which could jeopardize its access to the international banking system.
Justice Pierre rejected several of the claimant’s arguments.
The Court found that:
- The bank’s decision was not subject to public law review, as it arose from a private contractual relationship
- Claims of unlawful discrimination on political grounds were not proven
- Alleged breaches of anti-money laundering laws did not give rise to a private right of action
- The WIN party was not established as a separate legal entity from its members
However, the Court held that the bank’s actions fell short of the implied duty of good faith governing contractual discretion.
While accepting that GBTI had a legitimate objective in managing sanctions risk, the judge found that the bank:
- Did not conduct an individualised assessment of the claimant’s account
- Relied on generalised assumptions and a blanket approach
- Failed to ground its decision in evidence specific to the customer
The Court concluded that the termination was arbitrary and insufficiently justified, and therefore a breach of contract.
Despite finding a breach, the Court awarded only nominal damages of $20,000, noting that the claimant did not prove actual financial loss. Costs were also awarded in the sum of $300,000, and the termination of the account was declared invalid.
In a statement following the ruling, GBTI said it noted the Court’s decision but emphasised that the majority of claims against the bank were dismissed, including those alleging illegality, discrimination, and breaches of statutory obligations.
The bank said these findings affirm its compliance with local and international regulatory requirements.
However, GBTI confirmed that it will appeal aspects of the ruling, particularly the finding that it breached an implied duty of good faith.
“GBTI has taken the decision to appeal certain findings in the ruling,” the bank stated, adding that it remains committed to regulatory compliance, risk management, and protecting the financial system.
The bank also reiterated its intention to strengthen its policies and decision-making processes while continuing to provide secure banking services.
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