The Civil Society Network of Liberia (CSNL) has described claims by the management of GT Bank that Kailondo Petroleum owes the bank over US$1.2 million as a wicked and desperate ploy to defraud a little over one million dollars from Kailondo Petroleum.
According to the CSO group, investigation conducted into the matter established that GT Bank executed several dubious and unauthorized transactions on the account of Kailondo Petroleum Company and Cllr. George B. Kailondo.
The Management of GT Bank recently filed a case for Action of Debt at the Debt Court for Montserado County against Kailondo Petroleum and Cllr. Kailondo to pay the amount of US$1.2 million.
“Based on investigation conducted and a thorough review of the case by the Civil Society Network of Liberia, it is established that the US$1.2 million case filed against Kailondo Petroleum and its CEO, Cllr. George B. Kailondo, is a desperate ploy designed by the Management of GT Bank to recover the over one million United States dollars that Cllr. Kailondo won against the bank recently. The complaint by the GT Bank Management against Cllr. Kailondo for the debt of US$1.2 million based on a novation agreement entered into between them for ACE Global is not only fraudulent and legally immaterial but an action of reprisal and one intended to defraud Kailondo Petroleum and its CEO,” the CSNL said in a press release.
“Documents in the possession of the Civil Society Network of Liberia show that Cllr. George B. Kailondo entered into an agreement with GT Bank for Kailondo Petroleum to become liable for the repayment of US$791,458.21 without interest as a novation management collateral agreement. Based on this agreement, Cllr. Kailondo has made payment of us$414,000.00. This means that Cllr. Kailondo and his company have settled more than half of the indebtedness, with the balance of US$377,000.00 to be paid. It is therefore surprising that GT Bank Management is demanding the amount of US$1.2 Million as debt from Kailondo Petroleum and its CEO, Cllr. George B. Kailondo.
“The Civil Society Network of Liberia further gathered that based on the unrealistic demand from GT Bank against Cllr. Kailondo and his company (Kailondo Petroleum), he requested for his account at the bank to be audited and reconciled. The audit process established that GT Bank had been stealing funds from Kailondo Petroleum Account in the tone of over US$900,000.00. A review of GT Bank’s complaints against Kailondo Petroleum also shows contradicting amounts which make the case worthless and unacceptable. How could GT Bank be pleading to the court for the repayment of US$1.2 Million by Kailondo Petroleum when it agrees that in the Novat Agreement that the amount to be repaid is US$791,458.21. Documents in our possession show that in the last five years, GT Bank has been involved into dubious and unauthorized transactions into the account Kailondo Petroleum and its CEO, Cllr. George B. Kailondo, as well as other eminent businesses and individuals with account at the bank. In fact, a letter in our possession shows GT bank admittance to withdrawing funds from the account of Kailondo Petroleum and pleaded that Cllr. Kailondo do a damage control by doing press release exonerating the bank from the dubious transactions,” the release continued.
According to the release, “The CSNL sees the Action of Debt filed against Kailondo Petroleum and its CEO as a deliberate and retaliatory action by the Management of GT Bank to undermine the decision of the Supreme Court, in the form of striking back on the court’s decision that previously ordered them to make payment of US$1 million to Cllr. Kailondo. We urge the Management of GT Bank to exhibit transparency and accountability in its dealings with customers.”