Kailondo Petroleum Company Rebuts GT Bank Liberia Allegation Of Owing US$758K

By Comfort M. Johnson

The management of Kailondo Petroleum Company has dismissed claims that it is indebted to the Guaranty Trust Bank Liberia Limited (GTB) of owing US$ 758.000 but in fact owing US$ 377.000.

According to Court records Kailondo Petroleum Company paid US$ 414.000 to the bank in response to a credit of US$ 3.3M when KP made the payment there was a balance of about US$ 377.000.

But the GT Bank raised the money to about US$ 758.000 which the company argues  how GT bank raised the money to this amount, when they had the balance of US$377.000.

The Company further alleged that GT bank illegally redrew over US $ 900.000 from its accounts, and that said bank took money from its various accounts without its knowledge and consent.

Court records show that the Company paid US$ 414.000 to the bank in response to a credit of US$ 3.3M, but only to know that the Bank alleged that they still have the balance of US$758.000

According to the records, six years after the transactions, Kailondo Petroleum Company requested for an audit of its accounts at GT bank.

After the audit, the court records show that over US$ 900.000 was taken from various accounts of the company.

The records show that GT bank deducted US$ 510 from the company’s account for what it termed “regulation”.

Again, another US$62,500.00 was taken for similar reasons from the company’s operation account, according to court documents.

The court records revealed that US$ 40.000 and US$ 50.000 was redrawn respectively on different dates from Kailondo personal account at Eco bank.

The audit records show that the money was never deposited by GT bank in the Company accounts at GT bank.

Another, US$ 50.000 was redrawn by the bank but was not realized in any of the Company accounts at GT bank.

The audit records show that the US$ 3.3 million requested by KP was reflected, but during the audit it was discovered that  GT bank had redrawn approximately US$ 3468.352 the difference of US$ 168.352.

According to the records, GT bank filed US$ 1.2 million claim at the Civil Law Court but could not prove the allegation in court, the bank agreed in court that it illegally redrew approximately US$ 930.000 from businessman Kailondo

The Guaranty Trust (GT) Bank wrongfully executed several financial transactions with the accounts of Kailondo Petroleum Company since 2015.

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.

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.

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.

More details to come in this case.

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