By News Americas Now Staff Writer
News Americas, GEORGETOWN, Guyana, Tues. Nov. 10, 2026: In March 2021, Guyana was hailed for promoting partnership and investment opportunities. A feature in the state-run Guyana Chronicle highlighted a prospective US$35 million joint venture aimed at enhancing the country’s maritime sector. The article depicted Indian entrepreneur Captain Suniel Kumar Sharma and his associates alongside high-ranking Guyanese officials to showcase plans for a marine training institute, shipbuilding facilities, scholarships, and substantial job creation.
The report outlined formal agreements made by Guyana’s Maritime Administration Department (MARAD) with Sharma-affiliated entities. On February 4, 2021, MARAD Director General Captain Stephen Thomas signed an agreement to delegate statutory certification tasks for vessels registered in Guyana. Subsequently, on March 3, a Memorandum of Understanding was signed, designating Sharma’s Aryavart Corporation as the international technical representative for the Guyana Ships Registry under the name International Maritime Safety Agency of Guyana (IMSAG).
FIVE YEARS LATER
Fast forward to November 4, 2026, and the narrative has shifted drastically. The U.S. Department of the Treasury sanctioned Sharma, his spouse Jaspreet Preeti Shahid, and several of their associated entities, accusing them of operating fraudulent maritime registries and facilitating the transportation of Iranian petroleum using false flags and certifications.
Among the sanctioned entities was Aryavart Ship Management Private Limited, alongside multiple companies under Shahid’s control, including Alexarya Finserv and Alexarya Media and Entertainment.
THE IRONY
The day after the sanctions, MARAD expressed approval of the U.S. actions. The agency acknowledged that Sharma and Shahid had been integral in managing a fraudulent maritime network misrepresenting vessels as being registered in Guyana. This has led to intense scrutiny from political opposition regarding the transition from official partnership to accusations of fraud.
WALTON: GOVERNMENT MUST EXPLAIN ITS ROLE
Opposition MP Amanza Walton has accused the governing People’s Progressive Party/Civic (PPP/C) of hypocrisy regarding its stance on the U.S. sanctions. In her opinion piece titled “From Red Carpet to Rogue Enterprise: The PPP Government must answer for its role in the IMSAG Affair,” Walton asserts that the government must reconcile its prior endorsement of Sharma’s ventures with its current denunciation.
Walton specifically refers to the agreements signed in early 2021 and the heavily publicized investments, contending that such details were not merely allegations but documented agreements cited in communication from Guyana’s Attorney General to Sharma.
FROM PARTNERSHIP TO TERMINATION
Guyana eventually cut ties with IMSAG, announcing the cessation of all agreements on August 13, 2021. However, public awareness of this termination emerged only months later when the cargo vessel Eolika was apprehended in Senegal for allegedly carrying illegal arms while operating under Guyanese registration.
On January 20, 2022, MARAD confirmed that the Eolika was not listed in Guyana’s local vessel registry and believed its documentation was issued by IMSAG. In a subsequent strong statement, the Guyanese government declared its “complete disconnection” from IMSAG and its principals.
A RELATIONSHIP THAT ONCE HAD OFFICIAL AUTHORITY
An investigation by Bellingcat in February 2026 revealed that IMSAG was not always operating without official sanction from Guyana. Bellingcat reported that during the effectiveness of the MoU, IMSAG acted as Guyana’s international ship registry, issuing certificates to flag vessels on the country’s behalf.
The report revealed the download of 230 vessel certificates linked to 87 ships, with some certificates issued as recently as December 2025, despite Guyana’s earlier termination of the authorization.
Sharma has denied current involvement in the operations, stating that the Guyana registry ceased after governmental withdrawal of consent.
U.S. TREASURY: NETWORK SUPPORTED IRAN’S SHADOW FLEET
The November 2026 sanctions heightened the situation, with the Treasury alleging that Sharma and Shahid had created a network of false maritime authorities, enabling vessels connected to Iran’s shadow fleet to evade international constraints.
The sanctions referenced the April 2026 confiscation of the Majestic X, previously the Phonix, which was falsely flying Guyana’s flag while carrying Iranian oil. MARAD welcomed these sanctions, reiterating its commitment to addressing fraudulent maritime registrations.
THE ACCOUNTABILITY QUESTIONS
The chronology establishes two significant facts: in 2021, Guyanese authorities formalized relationships with Sharma and promoted substantial investment plans, while by 2022, those relationships were publicly renounced as fraudulent. By 2026, U.S. sanctions were imposed, targeting Sharma’s network.
Key questions remain unresolved: When did Guyanese officials first learn of the operation’s issues? What due diligence preceded the initial agreements? Why was the termination of these relationships not promptly made public? Who authorized Sharma’s firms to represent Guyana on an international level, and what measures have been taken following the withdrawal of that authorization?
Walton argues that the need for transparency goes beyond issuing a welcoming statement regarding sanctions. The focus must not only be on whether IMSAG misused Guyana’s flag but also on how a once-celebrated partnership spiraled into a compromised enterprise.
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