GLOBAL BANK LIBERIA MD HOOKED FOR STEALING
By: Judicial Correspondent
LIBERIA-WTVNEWS: The Managing Director of GLOBAL Bank Liberia Limited is being indicted by the government of Liberia through the Liberia Anti-Corruption Commission over accusation of theft of property and misapplication of entrusted property.
According to the indictment drawn by the grand jury for Montserrado county, the bank through its CEO Rotimi Sangodeyi and all authorized personnel acting in their various positions with criminal minds transferred and disposed of monies intended for use by the owner of Kailondo Petroleum Incorporated which amounts to theft of property, a second degree felony under the law of Liberia.
The indictment mentioned that from the periods 2014 to 2021, the management of Global Bank influenced or authorized the withdrawals, transfers, deduction of commissions and fees from the (escrow and current) accounts of Kailondo petroleum without the knowledge and consent of its CEO George Kailondo in several amounts totaling US$3,460,422.93 and LR$6,245,800.00 dollars.
On June 26, 2015, the Bank through its CEO Sangodeyi and all authorized personnel carried out a debit transaction in the amount of US$150,000.00 affecting the current account (A/C#:103010203299) of Kailondo Petroleum with the narration ‘account to account’ transfer.
The said transaction the indictment said created an overdraft (negative status) on the Kailondo petroleum account thereby indicating a balance of US$18,875.79 as established by the LACC’s investigation.
The indictment also shows that on may 4, 2016, the Bank management again carried out a debit transaction of USD$310,622.35 with the narration ‘payment of principal’ without a debit instrument or authorization to process said transaction.
The document further claimed there was no evident to establish the monthly repayment on this loan facility due to lack of documentations.
The investigation established that the amount in question was debited on Kailondo’s account as payment against a loan facility of USD$500,000.00 given to Kailondo on June 22, 2015 for two years period as evident by the bank statement in the possession of the investigation.
The LACC investigation further established four debits transactions between the period July 31, 2019 to December 31, 2019 totaling USD$90,385.11 processed by the bank management on Kailondo’s account (A/C#: 103010203299) with narration ‘debit interest’ without any source document authorizing said debits.
Meanwhile, the grand jury has decided to charge the Bank’s Management with theft of property and misapplication of entrusted property, a violation of 4LCLR, Title 26, section 15.56 of the statutory laws of Liberia.
A person is guilty of misdemeanor of the first degree if he disposes of, uses or transfers any interest in property which has been entrusted to him as a fiduciary, or in his capacity as a public servant or an officer of a financial institution, in a manner that he knows is not authorized and that he knows to involve a risk of loss or detriment to the owner of the property or to the government or other person whose benefit the property was entrusted.
