GBTI to appeal High Court ruling on closure of WIN’s candidates’ accounts

High Court judge Justice Nicole Pierre has ruled that the Guyana Bank for Trade and Industry Limited (GBTI) breached an implied contractual duty of good faith when it terminated several accounts of candidates for the We Invest in Nationhood (WIN) party.

GBTI has since said it will appeal the ruling.

See full statement from GBTI: 

The Guyana Bank for Trade and Industry Limited (GBTI) acknowledges the recent decisions of the High Court in the matters of Heerawattie Mangaldeen v. GBTI, Abdul Ally v. GBTI, Vanessa Bagot v. GBTI, and Natalia Angela v. GBTI, presided over by Justice Nicole Pierre.

The Court dismissed the majority of the claims brought against the Bank, including allegations of unlawfulness, discrimination, breach of statutory obligations under anti-money laundering legislation, and claims for substantial damages. These findings affirm the Bank’s adherence to its regulatory responsibilities and its commitment to operating within the framework of Guyana’s financial laws and international compliance standards.

However, the Court determined that the Bank breached an implied contractual duty of good faith in its handling of the termination of certain banking relationships, and awarded nominal damages and costs in each matter.

GBTI has taken the decision to appeal certain findings in the ruling, remaining unwavering in its commitment to:

• Upholding the highest standards of regulatory compliance and risk management
• Acting responsibly and prudently in protecting the financial system
• Continuously strengthening its policies, procedures, and decision-making frameworks

GBTI appreciates the continued trust of its customers, stakeholders, and the wider public, and remains committed to delivering secure, transparent, and responsible banking services.