According to information gathered by the Hot Pepper, the Guaranty Trust Bank, through their legal representatives, International Law Group, has filed an Action of Debt By Attachment on Kailondo Petroleum to pay the full amount of ACE Global’s antecedent and existing indebtedness of US$791,558.21 (seven hundred ninety-one thousand, five hundred fifty-eight dollars and twenty one cents) to GT. Bank.
Owing to this, the GT. Bank has sued the Kailondo Petroleum at the Debt Court before His Honor James E. Jones Presiding Judge. The G.T. Bank is claiming cost from the September 2017, Novation agreement of US$839,514.51 (eight hundred thirty-nine thousand, five hundred fourteen dollars and fifty-one cents), the LUIS default charges of US$235,384.11 (two hundred thirty-five thousand, three hundred and eighty-four dollars and eleven cents) and US$6,480.38 (six thousand four hundred and eighty dollars and thirty-eight cents). According to the Action of Debt, the current account is equivalent to US$1,081,379.05 (one million eighty-one thousand, three hundred seventy-nine dollars and five cents).
According to the Action of Debt, the US$1081,379.05 plus interest and legal cost in keeping with law sums up to US$1,231,521.01 (one million two hundred and thirty-one thousand five hundred and twenty-one dollars and one cent) represents the total amount requested from the Kailondo Petroleum through the Debt Court.
Unfortunately for the Plaintiff (GT Bank), when this medium interviewed Cllr. George Kailondo, he displayed documents of payment to the tone of US$414,000.00 (four hundred and fourteen thousand dollars). He claimed that his remaining balances with the GT Bank was US$377,000.00 (three hundred and seventy-seven thousand dollars).
The Defendant further stated that on August 26, 2020 he received a letter from Heritage Partners and Associates Inc. under the headline, “MORTGAGE DEMAND NOTICE”, stating that they were legal counsels for GT Bank who had referred Kailondo Petroleum account to them with instructions to collect from Kailondo Petroleum the total outstanding and unpaid balance of US$1,106,905.30 (one million one hundred and six thousand, nine hundred five dollars and thirty cents).
According to Cllr. Kailondo, owing to the letter received and being fully aware that he had settled over half of his indebtedness to the GT. Bank, he requested to audit and reconcile his account. He said that during this process, the auditors realized that GT Bank had been stealing funds out of Kailondo Petroleum account to the tone of over nine hundred thousand dollars. Investigation continues.