Cllr. George Kailondo

GT Bank Admits Debiting Kailondo Petroleum Accounts

By Comfort M. Johnson

Cllr. George Kailondo

(LINA) – The Guaranty Trust Bank Liberia Limited (GTB) has admitted debiting the amount of US$510,000 from Cllr. George Kailondo Petroleum Accounts a Permanent Liberian Businessman.

 The Guaranty Trust (GT) Bank wrongfully executed several financial transactions with the accounts of Kailondo Petroleum Company since 2015 causing the bank to bear liability to pay to the victims of this wrongful transaction general damages in the amount of US$3,250,000 for all the inconveniences, losses and embarrassment caused the plaintiff by the defendant.

During the ruling of Civil Law Court Judge Yamie Q. Gbeisay, said that this amount is in consideration of the illegal withdrawal from plaintiff’s accounts and the damaging of plaintiff’s reputation by the defendant, dated July 2022.

The court’s ruling gathered that there were more dubious transactions in the accounts of George B. Kailondo Sr. and his Kailondo Petroleum Company, with one of the documents by the GT Bank establishing and confirming in 2021 of the dubious and unauthorized transactions in the Liberian businessman accounts of US$ 510,000 United States dollars debited to the Kailondo Petroleum, for which the Bank promised to put the monies back.

Documentary evidence in our possession from the Court, also stated that the Bank also pleaded with the businessman to save the bank from further public ridicule through a damage control press release in which the bank will be exonerated from the dubious transactions.

Also from a documentary in our possession after Kailondo has paid all that money in the ton of US$414,872.00 with the balance of US$376,576.78.

But the GT Bank of Liberia still raised said money to the same amount of US$791,458.82, which prompted the Liberian Businessman to order for auditing his accounts.

 When the audit was done on the businessman’s accounts, it was reported to have established that the bank did many dubious transactions without authorization from Cllr Kailondo.

A document in possession of this paper has shown that the GTB addressed a letter to a counsel of the businessman dated April 22, 2021 in which the bank admitted to the crime of debiting US$510,000 to the Account of Kailondo Petroleum and promised to put the monies back.

Following the audit, it was established that an unauthorized amount of over 900,000 or so was taken out of his account at the bank; while the bank on April 21, 2021, wrote Kailondo Petroleum through its then Lawyer Dr. Jallah A. Barbu, Counselor at Law and Senior Consulting Counsel at Public Interest Law acknowledging that an unauthorized amount of US$510,000.00 was debited to his account and agreed to credit his account with said amount.

It was in the communication that GT Bank pleaded with the businessman not to expose the bank to further public ridicule. The bank management pleaded with the businessman to do a damage control press release in which the bank will be exonerated from the dubious transactions.

The bank claims Kailondo owes it an alleged accumulated debt of US$1.2M, but the businessman has argued otherwise, claiming that the Bank has rather defrauded him.

According to court documents filed by GT Bank,

on September 29, 2017, it entered into a Novation Agreement with Kailondo for the latter to pay the full amount of ACE Global, a Collateral Management Agency’s financial obligation to the bank under a Collateral Management Agreement entered into by Kailondo Petroleum and GTBank Liberia in the tune of US$791,458.21.

GT Bank noted that it accepted the offer by Kailondo Petroleum to pay the full amount of ACE Global’s financial obligation in good faith leading to the drawing up of payment terms payable in twenty-four consecutive monthly installments commencing from November 30, 2017, to October 30, 2019, a period inclusive of the time Kailondo claim the GT Bank has been defrauding him and his Kailondo Petroleum.

The bank further explained that it had made several demands to Kailondo to effect payment but to no avail and therefore has instituted the action of debt by attachment, praying the court to compel Kailondo Petroleum to pay the amount of US$1.2 Million which includes other charges and penalties, claims Kailondo has refuted when he spoke of his demand to audit his account which exposed the bank in withdrawing unauthorized amount of over 900,000 from his account.

All of these claims by the GT Bank followed the Civil Law Court Court Mandates GT Bank to Pay Over US$3 million to Kailondo.

It can be recalled that the GT-Bank Files US$1.2M Lawsuit against Kailondo at the Civil Law Court.

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