By Taisiah K. Merfee
IPNEWS-Monrovia: Liberian businessman Cllr. George Kailondo may likely forfeit his properties, if it is proven that he is indebted to the Guaranty Trust Bank (Liberia) Limited the amount of US$US$1,231,521.01, according to a lawsuit filed at the Debt Court at the temple of Justice in Monrovia.
The lawsuit, Action of Debt by Attachment was filed by the Guaranty Trust Bank (Liberia) Limited on Thursday may 18, 2023 (plaintiff) before the Debt Court.
The Guaranty Trust Bank (GT-Bank) is seeking the court’s approval to take possession and custody of all identifiable properties and or assets of Kailondo Petroleum, the lawsuit claimed.
The properties and assets are; monies, vehicles, equipment and other assets situated and lying in the Republic of Liberia, to reach the actual US$1,231,521.01.
The lawsuit claims that the bank management was approached by defendant Kailondo, of the Kailondo Petroleum to novate ACE Global’s financial obligation or indebtedness under a Collateral Management Agreement entered into by the Kailondo Petroleum and GT Bank of Liberia.
Because of this they became jointly and severally liable to the plaintiff “because the both Co-Defendants connived and colluded with ACE Global to surreptitiously remove and did remove several quantities of the Plaintiff’s petroleum products from the LPRC’s: without Plaintiff’s knowledge and consent.”
The suit further claims that the petroleum products were subject of a Collateral Management Agreement and Kailondo was to settle his obligation with the plaintiff upon payment of the quantity of the products and receipts of the expressed written authorization of the bank.
The bank also claims that “ACE Global conspired with the Co-Defendants and unlawfully took away petroleum products subject of the CMA in the value of US$791,458.21 without Co-Defendant Kailondo Petroleum making any payment to the Plaintiff, for which they shall be held jointly and severally liable.”
According to the suit, on September 29, 2017, Cllr. Kailondo and the GT Bank entered into a Novation Agreement to pay the full amount of ACE Global’s antecedent and existing indebtedness of US$791,458.82 to the Plaintiff which has, by the said CMA, been assumed by defendant- Kailondo, in accordance with law.
Defendant Kailondo, the lawsuit claims offer was accepted in the utmost good faith to pay the full amount of ACE Global’s financial obligation, that is, terms of payment were drawn out in the Novation Agreement payable in twenty-four (24) consecutive monthly instalments of the amount of US$ 32,977.45 commencing from November 30, 2017 to October 30, 2019.
The lawsuit further says that the plaintiff has made several demands to defendant Kailondo to pay the aggregate outstanding amount due on account of the September 2017 Novation Agreement, that is, US$839,514.5, representing balance on the Restructure Novation Agreement.
The amount of US$235,384.11, representing balance due on the LC’s default charges on the Sub-Account, and US$6,480.38 representing account maintenance charges accrued on the Current Account, equivalent to the amount of US$1,081,379.05, plus interest rate and legal costs, in keeping with law.
According to the suit, Kailondo intentionally refused and neglected to pay the sum total amount of US$1,231,521.01 several months, after the due dates has expired, which is overdue have avoided and continue to evade the issue of their indebtedness to the plaintiff.
The lawsuit also said co-defendant Kailondo Petroleum is also a domestic corporation, which is licensed to import and distribute petroleum products on the Liberian market.
While the co-defendant Cllr. Kailondo, Sr., is a Liberian citizen, and also the CEO of Kailondo Petroleum, who has personally novated ACE Global’s financial obligation or despite all attempts to have them (Co-Defendants) make the full and final settlement, contrary to law.
While the co-defendant Cllr. Kailondo, Sr., is a Liberian citizen, and also the CEO of Kailondo Petroleum, who has personally novated ACE Global’s financial obligation or indebtedness under a Collateral Management Agreement (CMA) to the plaintiff, Guaranty Trust Bank of Liberia, in keeping with terms and condition of the said Novation Agreement.
George Kailondo Wins US$3.5 million Case Against Global Bank
While the Guaranty Trust Bank (Liberia) Limited has reportedly sued the Liberian businessman for alleged US$1.2 indebtedness, it can be recalled in April 2022, Criminal Court ‘C’ Judge Ciapha Carey ruled in favor of Liberia businessman George B Kailondo in his US$3.5 million case with the Global Bank Liberia Limited.
The bank was indicted by the Liberia Anti-Corruption Commission on for financial crimes. A unanimous verdict was handed down by the 12-member jurors in favor of Kailondo.
Speaking to journalists after the ruling, the Liberia Anti-Corruption Commission Chief prosecutor Cllr. Jerry Garlawolo, said the victory marked a new day for Liberian businesses.
According to him, for too long some banking institutions in Liberia have duped Liberians. He, however, encouraged investors to invest in Liberia.
Also speaking Cllr. Kailondo said the victory is not about him rather the entire business community in Liberia.
According to him, gone are the days when banking institutions were winning cases against Liberians.
