‘Global Bank defrauding Banking Rules’ – Kailondo Explains At Final Hearing
By Dyujay Jackson
Explaining at his final hearing at the Temple of Justice, the Chief Executive Officer of Kailondo Group of Companies, George Kailondo said, ” bank Liberia limited knows that we had an agreement that any movement from our account, in the tone of over 1,000.00 United States Dollars and above has to get authorization from us .”
Mr George Kailondo testifying during his second day on the witness stand on March 24,2022 into the alleged Theft of property, and misapplication of entrusted property said his institution was defrauded by Global bank Liberia.
He maintain that his company Kailondo petroleum Inc had been the bank life saver.
He explains that the bank alleged failure not to have alert him during the third transferred from his operational account is something that is totally against the banking rules, and the obligation the bank owe to the Kailondo petroleum inc.
He said while it is truth that the bank give him 500,000,00 united States Dollars, his company sold every products received and deposited the proceeds into the operational account, while the bank in return transferred the money into the escrow account, until the payment was due the bank took it back into the operational account.
“When you take a loan from a bank they place your account into negative, when are sell and deposit the money , it helps to reduce the negative.” Kailondo noted.
The Liberian business man and chief executive officer of Kailondo petroleum Inc lamented that during the first two transactions movement from his escrow account, adding that it was done with customers and banking procedure.
The according to the complaint is that the bank dubiously debits and transfers USD and LRD in the tone of USD$3,460,422,93 and the total LRD$6,245,800,00 that were allegedly and dubiously debits from the Kailondo petroleum Inc accounts.
When ask by the defense lawyer , saying. “ Mr witness , am I correct to say that the three facilities letters you signed as president and CEO of Kailondo petroleum Inc have a provision referred to “Right to setoff?.
The Liberian business man maintain that his company never had access to the escrow account but rather only the bank , but it was an agreement that any Time payment was due , it should be authorized to bring the money to the operational account from the escrow account that will help to even the money owe the bank.
“ as stated in the account statement, the bank followed the procedure in the first two transactions for which the USD 4,253,000 plus USD they went into the escrow account brought the 500.000.00 into the operational account and that transaction was over.” Mr informed court.
Despite Global bank Liberia limited exception that the chief executive officer of Kailondo petroleum Mr George Kailondo owes the bank , Kailondo have presented three copies of deeds used as collateral.