By Joclyn Wea
MONROVIA-The CEO of Kailondo Petroleum, George Kailondo is currently facing criminal prosecution before the Commercial Court at the Temple of Justice over allegation of libel filed against him by Global Bank Liberia Limited.
Recently, Criminal Court “C” upheld a five million United States dollars criminal action against Global Bank Liberia Limited in favor of businessman George Kailondo, something which the bank is challenging.
In a 10-count motion for a decree foreclosing the mortgaged properties, the bank is trying to challenge the over five million United States dollars action by Kailondo, noting that the actual amount owed Kailondo petroleum is US$1.5 million and not five million as claimed by the businessman.
The bank prays the Honorable Court for a Decree foreclosing the mortgaged properties of the George Kailondo with all appurtenances be put on public sale and proceeds realized thereof be applied to offset debt obligations to Petitioner as required by law and all cost of this proceeding, be ruled against Respondent as equity would demand in such matter.
Petitioner says that the Respondents in several communications requested the Petitioner for credit facilities as found in the Respondents’ attached communication.
Petitioner says that loan facilities were offered by George Kailondo to be paid as per the term specified in the facility letters. However, upon the failure of Kailondo to pay the loans or indebtedness amount, Kailondo requested a restructured of the loan or its indebtedness.
However, the bank noted that George Kailondo failed, refused, and neglected to pay the loan granted to the Respondents and restructured. Attached hereto and marked as Exhibit “P/4” in bulk are copies of the facility letters mentioned to form a cogent part of this proceeding.
The bank submits and says that the Respondent entered a Mortgage Deed Agreement with the Petitioner and submitted copies of Respondents’ deeds are collateral for the loan.
Petitioner says that upon the execution of the Mortgage Deed Agreement and the subsequent submission of Respondents’ title deeds, the Petitioner granted unto the Respondents, the initial loan followed by other loan facilities.
In addition to the Mortgage Deed Agreement, Kailondo also executed and submitted cash collateral agreements and chattel mortgage agreements as collateral, the document added.
The Bank further says as a means to show that Respondents are indebted to it, the Petitioner in the amount of US$3,573,678.16 (the United States three million five hundred seventy-three thousand six hundred seventy-eight dollars sixteen cents).
Petitioner says that as of the date of filing of its Petitioner’s Petition, Respondents have failed, refused, and neglected to pay its indebtedness of US$3,573,678.16 (the United States three million five hundred seventy-three thousand six hundred seventy-eight dollars sixteen cents).
Petitioner says that a Petition for Foreclosure will properly lie to recover the amount of US$3,573,678.16 (the United States three million five hundred seventy-three thousand six hundred seventy-eight dollars sixteen cents).
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