Lawyers representing the legal interest of Kailondo Petroleum, Incorporated (KP) has written 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. Recently, 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.
Counsellor George B. Kailondo, a prominent Liberian businessman, is the Chief Executive Officer of the Kailondo Petroleum, Incorporated (KP).
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 Bank, in an official communication dated June 28, 2021 and addressed to of Dr. Jallah A. Barbu, Counsellor-At-Law & Senior Consulting Counsel, Public Interest Law Office, regarding the Post-Reconciliation Exercise –Kailondo Petroleum Accounts, among other things, said it would like to “invite you and your client to a meeting on Tuesday, June 29, 2021 at 10:00 a.m. in order to further discuss and resolve any outstanding issues or question you may have in respect of these claims and the Bank’s responses thereto. The Bank looks forward to the full settlement of your client’s outstanding obligations with the Bank, which stands at US$1,185, 934.14 (one million one hundred eighty- fifty thousand nine hundred thirty-four United States dollars fourteen cents) after deducting the US$112,500.00 credits resulting from reversal of the two commission mentioned in the said communication,” the communication from the Bank asserted.
But, up to press time, this paper could not establish whether the meeting requested by the Bank took place on June 29, 2021 in order to further discuss and resolve any outstanding issues or question they may have in respect to these claims and the Bank’s responses thereto.