Global Bank Management changes gear - submits Kailondo’s official letter to court

Global Bank Management changes gear - submits Kailondo’s official letter to court Featured

The Management of Global Bank Liberia Limited has submitted Cllr. George B. Kailondo’s August 15, 2021 official letter to the Court regarding the mysterious disappearance of over Two Million United States Dollars from Kailondo Petroleum Incorporated Accounts with the bank.

This followed a writ of subpoena from Criminal Court ‘C’ Presiding Judge Caipha Carey, demanding the Management of Global Bank to produce Cllr. Kailondo’s August 15, 2021 communication about alleged double-crossing from his company’s accounts.

Judge Carey’s action was based on application from prosecuting lawyers with the objective of proving their case against the bank.

Cllr. George Kailondo’s communication has since been admitted by Court to found part of Kailondo’s legal team evidence against the bank.

As the same, the Court has subpoenaed the Central Bank of Liberia regarding the same letter after Cllr. Kailondo told the Court that he acknowledged CBL about the alleged action of the Management of Global Bank Liberia Limited surrounding his company’s accounts.

It was gathered that Kailondo’s Legal Team is inching closer on resting with the production of oral and documentary evidence as such it is making use of all legal requirements to prove its case against the bank as provided by law.

The bank management has since joined issue with prosecuting lawyers with plead of not guilty thereby shifting the burden on the states as provided by Chapter 25, Section 25.5 of the Criminal Procedure Law of Liberia.
Global Bank Liberian Limited through its Managing Director Rotimi Sangodeyi and his deputies were indicted by the Liberia Anti-Corruption Commission for allegedly stealing over 3.4million United States Dollars from the Kailondo Petroleum Incorporated’s accounts with the bank.

The Heritage leant that this is second commercial banks Cllr. George B. Kailondo is prosecuting criminally at the Criminal Court ‘C’ as the Management of GT Bank Liberia Limited also before same Court on similar amounts.
Prior to this latest court development, Cllr. Kailondo told the court that his company opened a business account with the bank that they have difference type of accounts.

“One of them was a checking account in USD, another one was a checking account in LRD. We also have accounts for our various gas stations and those accounts were also in LRD and USD. Whenever we sold products we deposited either in the LRD or in the USD. From the USD, they opened our escrow account; they also opened another escrow account in LRD. So we have both operational accounts and escrow accounts.

When we sold products, we will deposit the money in the operational accounts and escrow accounts. For the benefit of the court and the jurors, the word operational accounts are the same as current account. When we sold products, we deposited the money in those accounts.

The bank opened an escrow account for both the Liberian dollar and the United States dollars. We as a customer do not have control over the escrow account but we have to give authorization for any movement of money from the escrow account into the operational account for payment of any debt” Cllr. who is the Prosecution 1st further told the court when he took the stand on the Direct And Deposes.

We realized that over the period of time 4,253 plus were taken out of our operational account into the escrow account for payment of our debts. To the best of my knowledge, some of the debts, the payment was done the right way, money were taken from the escrow account into the operational accounts for the payment of our debts.

Like the first USD$ 500,000.00 we took, we sold the products, the money was placed into our operational account and was transferred to our escrow account and time for payment, they took it from there and brought it to the operational account.

The other loan of 800,000.00 the various deposit in our operational account were transferred to the escrow account, when there was time for payment it was removed from the escrow account into the operational account. Another loan of 2,417,000.00, the proceeds from the sales was deposited into the operational account and the money was transferred into the escrow account, we could not see the movement of that movement of that money from that account back to the operational account.

Q. Mr. Witness, please say for the benefit of the court and jury why we are in court with Global Bank Liberia LTD?

A. We realized that after we have paid all our loans and collateral turned over to us, the old man of Liberia left and a new man came into county. It was one the new man came to my office and stated that we are still indebted to them. Based upon assertion, we requested to get out bank statement from the bank, even that was difficult for us to get. We finally have to approach their formal lawyers and asked them that they give us our statements.

Our auditors went through the statements and what we discovered in our statements was unbelievable. Like one, my former employer had deposited USD$ 3,950.00 in February of 2014 that payment was revert into operational account. In June of 2015, an account of USD$ 150,000.00 was moved from the operational account without no authorization from us.

January of 2016, an amount of USD$ 539,000.00 was moved from the escrow account without bringing it to the operational account which is the normal way of doing business as was done in the USD$ 500,000.00 and USD$ 800.000.00.

In early month of 2016, an amount of USD$ 750,000.00 was moved from the escrow account again without no authorization from us just like the USD$ 539,000.00 and never brought to the operational account which is the procedure that should have being followed based on our operation. In the end of March of 2016, USD$ 1,183,938.11 was also removed from the escrow without bringing it to the operational account.

In April of 2016, an amount of USD$ 262,500.00 was removed from the operational account not sent to the escrow account but to an unknown account without our authorization. In early May of 2016, an amount of USD$ 310,622.00 was removed from the operational account not transferred to the escrow account but to an account unknown to us.

In the ending part of May, an amount of USD$ 70,027.00 was removed from the operational account. In the Liberia Dollars account also, we realized LRD$ 1,600,000.00 plus was removed in October of 2015 and in October of 2017, another Liberia Dollars in the tune of LD$ 4,600,000.00 plus was removed from our operational account without no authorization from us.

Our accountant/auditor conducted an audit of our accounts and found even more than this but for the sake of this case, we will consider this. We wrote the Managing Director of Global Bank Liberia LTD and highlighted the various dubious transactions in our operational accounts and escrow account. He refused to even give us audience. In May of 2021, we wrote a formal letter of complaint to the Governor of Central Bank of Liberia, highlighting all the dubious debits from our accounts.

We waited for some time and we did not get any response from them. We therefore wrote our lawyer, the President of the Public Interest Law Firm, highlighting all the various dubious transactions in our accounts. We wrote a formal complaint to the Ministry of Justice, we were all invited to the Ministry of Justice and at the Ministry of Justice the invoked Article 21© of the constitution that if we have a complaint against them, we should best go to court.

The Ministry of Justice wrote the Liberia Anti-Corruption Commission to look into our complaint. At the LACC, we were invited we went there and gave all our facts surroundings the dubious transactions in our accounts. I heard on radio that the LACC has issue a Writ of Subpoena Duce Tecum on the bank provide all documents, loans, bank statements for Kailondo Petroleum Inc through the Magisterial Court.

To the best of my knowledge, they did not want to produce documents for the loans and the statements of both escrow and operational accounts of both USD and LRD. Their formal lawyer told them that they should respect the order of the court and that they have no option but to give the documents to the LACC. We were invited at the LACC, we were interviewed and we highlighted all those dubious transactions in the presence of investigators.

Based upon their own findings, decided to indict the defendant. We were also invited to the Grand Jury room to give our facts.

Q. Mr. Witness so during your testimony in Chief you told this court and jury that upon discovery of discrepancies in both LRD and USD accounts at Global Bank, you wrote your lawyer. Please tell this court the name of your lawyer and what did your lawyer do?

A. The name of my lawyer is Dr. Cllr Jallah A. Barbu Sr. Dr. Barbu being not satisfied with the way we were not solving existing theft by another bank that has said also in the beginning that they did not do nothing wrong to our accounts but later consented to pay USD$ 510,000.00 and the breakdown in trying to amicably resolve the theft that had taken place in the other accounts in the other bank, wrote the Solicitor General a formal complaint about all these things that have taken place in my accounts.

Q. Mr. Witness, during your testimony in chief you spoke about current account, operational account, escrow account and personal account. Please explain for the benefit of the court and the jury.

A. The operational account is an account when you go to the bank to open an account, they give you a number assigned to your business name. Any time you go to the bank and want to deposit, it is that account you deposit the money into, and the bank in term will print a cheque book and give it to you with that number on it, the name of your business on it. Any time you pay someone, you will write the name of the person or the institution that you want to pay, and that cheque is presented and the bank should call you for your authorization before a cent can paid out of the account. Without your authorization no bank pays out of that account – the operational account. We have this type of accounts for Kailondo Petroleum, Kailondo Service Stations, Kailondo Microfinance, George B. Kailondo Sr. We put them both in United States dollars and Liberian dollars. The same process goes for Liberian Dollars.

The defendant without the fear of God, moved so many amounts out of our escrow accounts to unknown account not even to our operational accounts. This same bank, once we started dealing with them for the two loans, they followed the line of practice. Took the money from operational accounts into the escrow accounts.

When the payment were due, they took that particular payment from the escrow account and brought it to the operational accounts. And the second transaction, they did the same thing. They took the money from our operational account to the escrow account, when the payment was due they brought it back to the operational account which is what is to every bank. But after the second transaction, we do not know what went wrong.

But I went to inform this court that it was the same year, 2016 that my boat got involved in an accident where one Nigerian guy died. And from the month of that accident, all types of dubious transactions took place in our both operational and escrow accounts.

Q. Mr. Witness, so you spoke of taken three loan facilitates from Global Bank Liberia Ltd, my question to you is , do you have documentation to that effect.

A. There are documentations to that effect that were even provided by the bank to the LACC.

Q. Mr. Witness, you spoke about three loans facilitates from GBLL, where there collateral to secure those loans, if yes what were the collaterals?

A. yes, we give collaterals for the loans. They included the deed for my house on the highway, the deed for the four stories building in Congo Town and deeds for few other Gas Stations. After the payment of the loans, they were returned to me.

Q. Mr. Witness, during testimony in chief you told this court and jury that as a result of discovering several discrepancies to your USD and LRD accounts, you wrote the President of Global Bank Liberia complaining, you also wrote the Government of the Republic of Liberia, you also wrote your lawyer, Cllr. Jallah Barbu and you wrote Cllr. Saymah S. Cephus ( Solicitor General of Liberia of the Ministry of Justice and that the Solicitor General also wrote the LACC). All of those communications Mr. Witness, if you to see them will you be able to recognize them?;;;::

A. Yes

Q. Mr. Witness by that answer, I pass you these instruments, please take a good look at them and say what you recognize them to be?

A. the first letter dated 16th of March 2021, is addressed to the Managing Director of Global Bank. In this letter, we outlined all the discrepancies in our accounts after audits. The office of Managing Director of Global Bank, signed for this letter on the 18th of March at about 12:51pm no response was sent to us neither the calls we made were fruitless. The second letter dated May 8, after we have waited from March up to May, we wrote the Governor of the Central Bank, J. Aloysius Tarlue Jr and in that communication we attached our complaint and the letter that was sent to the President of Global Bank. The third letter dated 24th of May 2021, after we could not get response from the Central Bank, we wrote our lawyer Dr/Cllr. Jallah

A. Barbu, highlighting everything just like the previous two letters. On the 26th of May 2021, we wrote the Solicitor General of the Republic of Liberia, Cllr. Symah S. Cephus, in that letter we also attached the letter that we wrote the President of Global Bank. And the last letter dated 1st June 2020, this is a letter addressed to the Acting Chairman of the LACC, Cllr. Kanio Bai Ballah telling the LACC to carry on our investigation of our complaint level against the defendant.

Read 1192 times Last modified on Wednesday, 06 April 2022 04:38
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