MONROVIA : 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 by the Management of the Bank to defraud a little over one million dollars from Kailondo Petroleum.
The CSO group said an investigation conducted by the group established that GTBank executed several dubious and unauthorized transactions on the account of Kailondo Petroleum Company and Mr. Kailondo.
The Management of GT Bank recently filed a case for Action of Debt at the Debt Court of Montserrado County against Kailondo Petroleum and Cllr. George B. Kailondo to pay the amount of US$1.2million.
But a release issued by the group maintains that based on investigation conducted and a thorough review of the case by the CSNL, it was established that the US$1.2 million case was 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 release, signed by the group’s Secretary General Francis Collins and approved by its Executive Director Sensee Kiadii, noted that 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 thm for ACE Global is not only fraudulent and illegal, but it is also immaterially an action of reprisal intended to defraud Kailondo Petroleum and its CEO.
Documents in the possession of the CSNL 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 USD414, 000.00; which means that, Kailondo and his company have settled more than half of their indebtedness, with the balance of US$377,000.00 to be paid.
The group therefore sees it surprising that GTBank Management is demanding the amount of US$1.2 Million as debt from Kailondo Petroleum and its CEO, Cllr. George B. Kailondo.
The CSO 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 GTBank had been stealing funds out of the Kailondo Petroleum Account 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,” the group said in its release.
The CSO wonders how GTBank could be pleading to the court for the repayment of US$1.2 Million by Kailondo Petroleum when it agrees in the Novation Agreement that the amount to be repaid is US$ US$791,458.21.
Documents in the group’s possession, the release said, show that in the last five years, GT Bank has been involved in dubious and unauthorized transactions into the account of Kailondo Petroleum and its CEO, Cllr. George B. Kailondo, as well as other eminent businesses and individuals with accounts 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 with Cllr. Kailondo to do damage control by doing a press release exonerating the bank from the dubious transactions,” the group said in the release.
The CSNL maintained that it sees the case of Action of Indebtedness 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,” the group’s release concluded.
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