The Hot Pepper has gathered that a called meeting on Tuesday, June 29, 2021 by the management of the Guaranty Trust Bank (Liberia) Limited in order to further discuss and resolve any outstanding issues or questions the management of Kailondo Petroleum, Incorporated (KP), through its lawyers, may have regarding alleged criminal transactions in his accounts ended in deadlock after the aggrieved party reportedly walked out of the meeting when they discovered that the management of the bank was conducting the called meeting like a “judge and defendant”.
The management of GT Bank had invited the Chief Executive Officer (CEO) of Kailondo Petroleum, Incorporated (KP) and his team of lawyers following a formal communication written to the management of the bank concerning a Post-Reconciliation EXm Exercise-Kailondo Petroleum Accounts.
When quizzed about the reported deadlock of the called meeting, Cllr. Kailondo confirmed the report.
Asserted Kailondo, “Prior to the called meeting the management of the bank had written my lawyers, led by Dr. Jallah A. Barbu, Counsellor-At-Law & Senior Consulting Counsel, Public Interest Law Office, acknowledging that they wrongfully debited US$112,500 (one hundred and twelve thousand five hundred United States dollars) from Kailondo Petroleum, Incorporated’s accounts, but the same amount had been credited back to the accounts. The bank used the same money to pay itself, thereby becoming both the defendant and the judge, which prompted the called meeting to end in a deadlock. We insisted that the money in question should not have been used. That was the contention, and we did not agree on it, and it ended in a deadlock.”
Added Kailondo, “I am, through my lawyers, demanding US$1.5 million in damages from GT Bank or else a lawsuit is our last option.”
It can be recalled that on May 22, 2021, lawyers representing the legal interest of Kailondo Petroleum, Incorporated (KP) wrote an official communication to the Managing Director/CEO of Guaranty Trust Bank (Liberia) Limited, Ikenna Anekwe, again acknowledging the reinforced cordial relations between the bank and their client, Kailondo Petroleum, Incorporated (KP), also a customer of the bank, as the relationship between the two entities grew sour due to some disagreements in interactions, including the “misunderstanding” in business records, which prompted an account reconciliation exercise.
The official communication, dated May 22, 2021, with REF: PILO/JAB/SCC/sjcsk/04/21-578, under the signature of Dr. Jallah A. Barbu, Counsellor-At-Law & Senior Consulting Counsel, stated, “We are pleased that your technical representatives and ours, instructed to undertake the reconciliation exercise, took the responsibility seriously and reached a conclusion. We received a full report accompanied by supporting documents on findings, signed by all members of the reconciliation team.
“We have had an inclusive review of the report with our technical representatives, and are in agreement with the procedures and processes that characterized and guided the process, and the overall conclusion of the report, as a matter of disclosure and attestation of our assertion,” the communication, with reference: Post –Reconciliation EXm Exercise-Kailondo Petroleum Accounts, stated.
According to the communication, the reconciliation exercise revealed conclusively that GT Bank owes their client, Kailondo Petroleum, Incorporated (KP), US$420,000.00 (four hundred and twenty thousand United States dollars) as a result of numerous alleged misapplications of the latter’s funds and payments.
“We provide two of the several missteps instructive of the conclusion so reached as follows: (1) An LC transaction dated 4/23/2015 described as ACCT TRFSF to settle mature LC in favor of Kailondo Petroleum was over-deducted from our client’s Account Number 0112605/002/5020/000 as evidenced by the SWIFT TRANSFER DOCUMENT for that transfer. The amount that was payable was US$3.3 million (three million three hundred thousand United States dollars) rather than the US$3,468,353.28 (three million four hundred and sixty-eight thousand three hundred and fifty-three United States dollars and twenty-eight cents); (2) A 2% charge dated December 9, 2015 described as Ledger Regularization on a purported LC and offer letter for US$2.5 million (two million five hundred thousand United States dollars), amounting to US$50,000 was charged and effected against our client wrongly,” the communication continued.
According to the communication, “A debit of United States Dollars Sixty-Two Thousand Five Hundred and three others in separate amounts of United States Fifty Thousand(US$50,000.00×3) speak to the injuries our client has suffered at the hands of the bank. Even as to the Novation Agreement between your bank and our client, although that Agreement established a net amount and was therefore not subject to any charges or other levies, and which our client fully liquidated, your bank recognized and effected default charges against our client in the amount of US$$235,445 (two hundred and thirty-five thousand four hundred and forty-five United States dollars).”
The communication averred, “These missteps, which we yet hold as errors, which have accumulated to substantial sums that would have given our client’s business enormous boost, have adversely affected its business and growth as well as its overall image.”
However, the legal counsels of Kailondo Petroleum, Incorporated (KP) suggested that, as a way of resolving the differences that an immediate credit of the full amount of US$420,000.00 (four hundred and twenty thousand United States dollars) be made to their client’s account and the appropriate NOTICE served both their client and themselves.
They mentioned that there is no argument that their client has suffered losses from both the “lack of use of its monies to build its stock and the bad image that it is now undeservedly suffering as a result of these deprivations.
“We, therefore, demand a cure of these injuries in the amount of US$1,500,000.00 (one million five hundred thousand United States dollars) as a negotiated settlement to avoid legal actions, including a lawsuit. While we have requested immediate correction of the accounts in Count 1 above, we notify you also that we expect that these demands to restore to our client its economic rights are expected to be obliged with by May 27, 2021,” the communication, among other things, added.
Meanwhile, the management of the bank could not be reached for comment up to press time, despite many attempts.