Home Economy GT-Bank ‘Drags’ To Court …As Court Judgment Favors Kailondo Petroleum

GT-Bank ‘Drags’ To Court …As Court Judgment Favors Kailondo Petroleum

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By: E. Geedahgar Garsuah, Sr.

MONROVIA: One of Liberia’s leading petroleum importers, Kailondo Petroleum Incorporated, through its Chief Executive Officer (CEO), Cllr. George Bobby Kailondo, has filed an “Action of Damages for Wrong” against the Management of the Guaranty Trust Bank Liberia Limited (GT-Bank Liberia), headed by Mr. Ikenna Anekwa, barely a month after Criminal Court “C” under the gavel of Judge T. Ciapha Carey, handed down a guilty verdict against the bank for the commission of the crimes of Theft of Property, Misapplication of Entrusted Property and Criminal Conspiracy.

The “Action for Damages for Wrong”, filed by the Kailondo Petroleum Inc requests the Civil Law Court under Judge J. Kennedy Peabody to ensure that GT Bank Liberia Limited pays the Plaintiff, (Kailondo Petroleum) the amount of US$2 million for the “injury and wicked action carried out by the defendant (GT Bank) by destroying his character.”

The Plaintiff, in the “Action for Damages for Wrong” lawsuit accused the GT Bank of destroying his hard- earned business reputation through the issuance of “Non-Compliance” letter, dated August 12, 2020, that according to the Plaintiff, made him appear as a risk for doing business.

However, GT Bank has filed its response to the Civil Law Court attached to a “Motion to Dismiss” on grounds that there still exists a legal matter between both parties for the same cause of action, pending in another court of law under the Liberia Jurisprudence.

The Kailondo Petroleum “Action of Damages for Wrong” has its root from Criminal Court “C” guilty verdict against GT Bank for the crimes of “Theft of Property, Misapplication of Entrusted Property and Criminal Conspiracy filed during the November Term of Court, 2021.

Criminal Court “C”: “Finally, this Court says on the issue of whether or not the State proved beyond a reasonable doubt that the Defendant Bank did do and commit the crimes of Theft of Property, Misapplication of Entrusted Property, and Criminal Conspiracy, this Court responds resoundingly in the affirmative. This Court further asserts that there is overwhelming evidence which connects the defendant Management to the aforementioned crimes for which the Bank was indicted.”

“Wherefore, and in view of the foregoing facts and circumstances and the law controlling, it is the final judgment of this Court that the Defendant Bank is adjudged guilty for the commission of the Crimes of Theft of Property, Misapplication of Entrusted Property and Criminal Conspiracy.

“The Guaranty Trust Bank (GT Bank) is hereby ordered to restitute the judgment amount of US$420, 000.00 to Kailondo Petroleum Inc., by and thru its President/CEO, Cllr. George B. Kailondo, Sr., within six (6) months as of the date of this final judgment. It is hereby so ordered,” Criminal Court “C” Judge T. Ciapha Carey’s May 5, 2022, ruling stated.

Kailondo Petroleum Incorporated, in its Thirty-Seven Count Complaint to the court accused the defendant (GT Bank) of criminally opening an escrow account, bearing account number: (0112605/002/5020/000) close to the plaintiff’s account with the primary intent to commit the above mentioned crimes.

The legal suit also said, GT Bank, on December 12, 2014, with the criminal intent of depriving the Plaintiff of his money deposited at the bank, debited the Plaintiff’s private USDs Account: (0112605/002/0001/000) in the amount of Fifty Thousand United States Dollars (US$50,000.00) under the narration: “Ledger Regularization” without the Plaintiff’s knowledge.

According to a Plaintiff’s Pre-trial Legal Memorandum which is in the possession of this paper, the fundamental question is whether or not Plaintiff is entitled to Consequential Damages in the form of Special and General as a result of defendant’s (GT Bank’s) action in illegal debit without consent, withholding of account without authorization and issuing Non-compliance Memorandum which resulted to damaging Plaintiff’s image to the Public.

“Because of this act of illegally withdrawing from Plaintiff’s account without his knowledge, withholding of his account without authorization, maligning his character to colleagues and other potential business individuals and opportunities, thereby causing serious injury on the life and success of the Plaintiff’s information and stakeholders in the financial sector, the court is respectfully requested to render judgment in Plaintiff’s favor, relying on Sections: 2.68 (2) (b) of the Commercial Code for which Defendant (Guaranty Trust Bank Liberia Limited) should be found liable,” Kailondo Petroleum Incorporated contended in its Action of Damages for Wrong to the Civil Law Court at the Temple of Justice on Capitol Hill.

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