The Institute for Transparency and Accountability International (ITAL) has berated the Guaranty Trust (GT) Bank Liberia Limited for what it described as fraudulently handling Kailondo Petroleum’s account and allegedly illegally withdrawing huge sums of money from the account without authorization.
In a press conference on Wednesday, May 31, 2023, the Country Director of ITAL, Amos B.S. Kanneh, said, “We condemn in the strongest term the unethical behavior of the authorities at GT Bank, and detest the bad governance being practice by the bank. Financial institutions in the country must strive to remain credible and transparent, and not infringe on the rights of their clients.”
Some time ago the Guaranty Trust Bank filed an Action of Debt By Attachment on Kailondo Petroleum to pay the full amount of ACE Global’s antecedent and existing indebtedness, requesting that Kailondo pays the total sum of US$1,231,521.01.
But the Chief Executive Officer (CEO) of Kailondo Petroleum Incorporated, Cllr. George B. Kailondo, has maintained that he has settled GT Bank with the total amount of US$414,000, and that his remaining balances with the bank was US$377,000.
However, the Institute for Transparency and Accountability International (ITAL) has observed that the recent indictment against Cllr. Kailondo appears to be a fight back after the court ruled in favor of Kailondo during the first legal battle between them. “Documents in our possession show that Kailondo Petroleum was current in paying back the facility provided to his company by the bank until he realized that the bank had withdrawn more than the amount they should have taken. In fact, the bank itself confirmed withdrawing more than US$500,000 from Kailondo’s account and illegally slicing money from the account for commissions that have no supporting documents.
“As a credible banking institution, stealing from a client’s account should not be an option, no matter the circumstance. By this action, GT Bank has brought its image to the lowest height.”
According to the group, if it was not for the audit sanctioned by Cllr. Kailondo on his account, the bank would done worse to his account than what it has done.
ITAL warned the bank to be careful in pursuing a case against Kailondo, as another verdict against the financial institution could put the bank at high risk of losing several potential clients.
Meanwhile, Kanneh has lauded Cllr. Kailondo for being resolute in defending his company’s image, and underscored that, as an integrity institution, they will follow the case to ensure that justice is duly served.