MONROVIA–The ruling of the Civil law court recently against Guaranty Trust Bank (GT Bank) for damages it caused against Kailondo Petroleum Company to pay over US$3m appears to be affecting the bank. But sources at the bank said such a decision was harsh and would seek another legal remedy.
“That amount is very heavy and If the bank should pay it, it will affect us to some level. So, we will seek another legal remedy for this. To vomit that amount, my brother, it is very hard. The judge’s decision was very harsh,” one source from the bank who declined to be named said.
In late July, the Civil Law Court headed by Judge Yamie Gbeisay ruled against the bank and urged it to pay an amount of US$3.5m
“It is the determination and Final Judgment of this Court that the claim of the Plaintiff is hereby sustained, and the defense and counterclaim of the Defendant are overruled, denied, and dismissed,” Judge Gbeisay ruled.
On 28 September 2021, Cllr. Kailondo filed a complaint against GT Bank, praying the Court to hold the bank liable for illegally debiting his accounts for various amounts without any authorization from him. , those actions by the bank were done in his absence.
Judge Gbeisay ruled that Cllr. Kailondo proved his US$2.5m Action of Damages for Wrongful action by the preponderance of evidence against GT-Bank as provided by law.
In addition to that, the court ordered the payment of US$420,000 including six percent legal interest per annum dating back from 2015 up to the date of the final judgment on July 20, 2022.
However, another source at the bank said they will take an appeal to the Supreme Court.