Documents in possession of this paper proved that Guarantee Trust Bank Liberia Limited is making up the over one million United States Dollar allegedly owed by Kailondo Petroleum.
Last week, the Bank filed a US$1,231,521.01 action of debt before the Debt Court against businessman George Kailondo for alleged indebtedness to the bank.
As part of its action against Kailondo, the Bank is seeking the court’s approval to take possession and custody of all identifiable properties and assets of Kailondo Petroleum for failure to meet up with itsobligation to the bank.
Those properties and assets include monies, vehicles, equipment, and other assets situated and lying in the Republic of Liberia which it claimed was used as a collateral management agreement.
But, the document proved the contrary, that the bank is making up as a means of getting back at Kailondo whom it lost millions of dollars in a criminal action in late 2022.
In a separate communication addressed to Dr. Jallah A. Barbu, KP Legal Counsel dating April 22, 2021,and June 28, 2021, respectively, the bank admitted to the excess withdrawal of commission from the Kailondo Petroleum account with a commitment to credit the monies against loan owed the bank by George Kailondo, Executive Director of the Company.
This was a result of a complaint filed with the central bank of Liberia and the Ministry of Justice to investigate some unauthorized withdrawals done by the bank. The bank initially claimed that the withdrawal was authorized but later took responsibility after it could not produce any documentation to that effect.
The bank in its June 28, 2021 communication, said ittakes responsibility for records not currently available to counter each of the material claims of Kailondo Petroleum contained in its May 22, 2021 letter to the central bank of Liberia and Ministry of Justice alleging unauthorized transaction from his account with the bank.
The document shows that the Letter of the credit agreement and offer letter for the US$2.5 million between Mr. George Kailondo and the bank which resulted in the debit of 2% (US$50,000) as the commission charged on his business’s account number-011260,002,0001/000 dated December 9, 2014.
Despite a diligent search, the bank said it was unable to find copies of the LC agreement and the offer letter in connection with which it charged KP’s account with the amount of US$50,000.00 as a 2% commission on the value of the LC amount.
According to the bank, the absence of the duly-signed LC agreement and the offer letter leaves the bank with very little option but to reverse the transaction and credit KP’s account with the corresponding US$50,000.00 debited.
“However, the bank would like to clarify that this credit will be applied against KP’s indebtedness to the bank in partial satisfaction or offset of its outstanding obligations to the bank,” the bank communication stated.
Another letter of the credit agreement and offer letter for a US$2.5 million between Mr. George Kailondo and the bank allegedly resulted in the debit of 2.5% (US$62,500) as the commission charged on his business’s account number-011260,002,0001/000 dated December 9, 2014.
The bank has also not succeeded up to this date in finding copies of the LC agreement and the offer letter for the LC in respect of which it charged the KP account with the amount of US$62,500.00 representing 2.5% commission of the LC amount of US$2.5 million.
Despite the bank’s firm belief that this transaction was legitimate and supported by the required authorization at the time of execution, the absence of the duly-signed LC agreement and the offer letter leaves the bank with very little option but to reverse the transaction and credit KP’s account with the corresponding US$62,500.00 debited.
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As in the first case, the bank again advises that this credit be applied against KP’s indebtedness to the bank for outstanding loan principal and accruedcharges.
Furthermore, the bank will continue to search its records and in the event the LC agreement and the offer letter authorizing this transaction are found, we will communicate this information to you and your client and consider the appropriate action.
In another communication addressed to Dr. Jallah Barbu in April 2021, the bank acknowledges receipt and reached a decision in a conference held at the bank office on April 22, 2021, regarding an unauthorized United States five hundred and ten thousand debits to KP’s account and queries by Kailondo petroleum regarding the outstanding amount owed as it loan obligation to the bank.
The bank through its Executive Director Prince Saye further agreed to begin repayment of the reconciled loan by June 2021 with the hope of a joint reconciliation of KP’s account as of Monday, April 26, 2021.
