Over US$3 MILLION DEBT HANGS OVER BUSINESSMAN KAILONDO
By: Judicial Correspondent
Capitol Hill-WTVNEWS: Cllr. Jimmy Saah Bombo has dragged George Kailondo to court for allegedly failing to meet up with over three million united states dollars obligation to his client (Global Bank Liberia Limited).
The bank through its lawyer is praying the court to for a decree foreclosing the mortgage properties of George Kailondo with all appurtenances be put on public sale and proceeds realized thereof be applied to offset debt obligations.
In a nine count petition for foreclosure of mortgage, Cllr. Bombo holds that Kailondo in several communications requested his client (Global Bank) for credit facilities.
According to the bank lawyer, the loan facilities were offered Kailondo to be paid as per the term specified in the facility letters, upon the failure to pay the loans or indebtedness amount, he (Kailondo) requested a restructured of the loan or its indebtedness.
Petitioner submits and says that George Kailondo entered a Mortgage Deed Agreement with it in which Kailondo submitted copies his deeds as collateral for the loan.
Petitioner says that upon the execution of the Mortgage Deed Agreement and the subsequent submission of Respondentsโ title deeds, the Petitioner granted unto the Respondents (Kailondo) the initial loan followed by other loan facilities.
In addition to the Mortgage Deed Agreement, the lawsuit further that Kailondo also executed and submitted cash collateral agreements and chattel mortgage agreements as collaterals.
Petitioner also says that the Respondents executed several other agreements with the Petitioner obligating Respondents to pay the loan or the alternative, the properties subject of this proceeding be placed for public auction.
As a means to show that Kailondo is indebted to the bank, Cllr. Bombo exhibited portion of Respondents (Kailondo) statement of account with the Petitioner showing that he is indebted to the Petitioner in the amount of US$3,573,678.16.
Petitioner says that as of the date of filing of its petition, Kailondo has failed, refused and neglected to pay its indebtedness of US$3,573,678.16.
According to the bank lawsuit, petition for foreclosure will properly lie to recover the amount of US$3,573,678.16.
