For their share in a US$300 million investment made with two other local businesses in the NRG consortium for the Vreed-en-Hoop Shorebase Inc (VEHSI), the Nazar ‘Shell’ Mohamed-owned Hadi’s World Incorporated has pulled out and is selling its shares to the other partners, a decision, Mohammed says, is based on personal religious beliefs.
And while the announcement follows an explosive Reuters article that claimed that the Mohameds were engaged in gold and drug smuggling and that that US government officials had repeatedly warned ExxonMobil to avoid doing business with the businessman, Mohamed emphasised, “It has nothing to do with Reuters and was a decision made by me since before the Reuters article, because of Islamic rules as it relates to borrowing and interest.”
“I can confirm that, yes, we have sold our shares to our partners…,” Mohammed told Stabroek News yesterday when contacted.
Asked if it was because of or connected with the Reuters article, he replied that it was “far from.” Further, while he acknowledged that the Reuters article had brought his name into disrepute and caused his family much sadness, his decisions are not influenced by negatives, speculation, or malicious lies, as he his grounded in the belief that his God is the only judge and is all knowing.
Mohamed explained that while he went into the investment to earn profits, further expansion of the project entails borrowing of capital, which his Islamic beliefs do not subscribe to if that borrowing entailed interest on sums loaned or earned.
Mohammed noted that because of the partnership agreement with NRG, he could only speak on his business’ operations and decisions.
NRG Holdings Inc is a consortium of three local entrepreneurs, comprising gold miner Andron Alphonso of ZRN Investment Inc; Nazar ‘Shell’ Mohammed, of HADI’S World Incorporated; and Nicholas Deygoo-Boyer of National Hardware Guyana Ltd. Last year they had commenced construction of the Vreed-en-Hoop Shorebase Inc. It will be leased to ExxonMobil to support its offshore oil operations and the contract between the two entities was signed last year.
The news of Hadi’s exit and the announcement which comes just months after the Reuters article is likely to raise eyebrows on the possibility of the two having some connection.
The Reuters news agency in a special report titled “US Probing Exxon Contractor in Guyana for Smuggling Drugs, Gold,” dated July 14, had stated that sanctions could be instituted against the members of the Mohamed family and their companies for alleged involvement in gold and drug smuggling.
Mohamed in a response to the report deemed it defamatory.
He said that the news report was riddled with unverified and unsubstantiated assertions that the Mohameds are the subjects of investigations by “…the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the Department of Homeland Security, and other US agencies on the suspicion of smuggling Colombian cocaine and illegally mined Venezuelan gold to the United States, Europe, and the Middle East…” and for “…laundering money for drug traffickers and criminals, including sanctioned Russian nationals operating in the region…”
Mohammed rejected the allegations and challenged Reuters to produce the evidence. He did not at that point declare his intention to leave the project.
According to the report, the US government had repeatedly warned ExxonMobil against doing business with the Mohameds but the oil company apparently ignored those warnings. The report also noted the close ties between the President and the Mohamed.
ExxonMobil has said that it treats the report as just allegations.
Yesterday, Mohammed repeated that ExxonMobil had treated the report as mere allegations and that its executives have stated that they were not warned by the US government.
The Reuters report has also noted the close ties between President Irfaan Ali and the Mohameds.
President Ali when asked about this by journalists had said that it was no secret that he and the Mohammeds are close friends.
“I think that my relationship with every Guyanese is public knowledge; I know the Mohammeds very well, from since growing up,” the President said.
“The Reuters reporter, would have sent this article and would have asked me this very question that you are asking me, and I said to them that the relationship is like any other Guyanese, there is nothing special or different,” he added.
At the Local Government Elections held on June 12, Mohamed won a seat for the Eccles/Ramsburg Neighbourhood Democratic Council as a candidate for Ali’s party, the People’s Progressive Party/Civic.
Mohammed was up against A Partnership for National Unity (APNU) Candidate Winston Stoby. He amassed 88 votes while Stoby secured 28.
Mohammed said that he would continue to help to poor, work for his community and live a religious life pleasing to his God, because at 70 years old, he has seen and experienced much in his lifetime, to know that the truth always comes out.
