According to the Ministry of Commerce and Industry (MoCI), which is prime custodian of the Japanese Oil Grant, Mr. Kailando credited over USD$900.000.00 worth of the Japanese Oil, but he is allegedly reneging on payment. The MoCI said the Monrovia Trading Corporation (MOTC), Petrol Trade and Kailondo Petroleum were among the three companies that benefited from the Japanese Oil Grant; but unfortunately, only Kailondo Petroleum continues to delay payment.
The custodian of the Japanese Oil Grant said MOTC has met up with full payment while Petrol Trade has made significant effort in settling payment, but since Kailondo made the first initial payment of USD$100,000.00 last year he has not made any effort to complete full settlement.
Speaking to Capitol Times at the Ministry of Commerce recently, MoCI Public Affairs Director Mitchell Jones disclosed that Mr. Kailondo’s payment is overdue, but he continues to stall on payment, an act that will force Government to drag him to court shortly.
Mr. Jones said Kailando has written the Japanese Oil Committee on several occasions requesting for grace period to make payment, but continues to fabricate lies to the media and the public that he has paid the balance USD$800,000.00.
Jones said the Japanese Oil Committee will soon issue an ultimatum to those who remain indebted to the Government to either pay or be taken to court to settle their arrears.
When contacted, Mr. Kailondo admitted that he is indeed indebted to the Government in the amount of over USD$800,000.00 for the Japanese Oil Grant but claimed that it was the Ministry of Commerce and the Central Bank of Liberia that are responsible for the delay in his payment.
Kailondo said this year he delivered LD$ 42million or US$400,000 to the Central Bank against the payment but the CBL and MoCI rejected the amount claiming that under the agreement he Kailondo was obligated to pay in United States dollars and not Liberian dollars.
He maintained that if the Government could have accepted his LD$42million by now his payment could have gone to over USD$500,000.00 but the refusal puts his company under stringent conditions to meet up with the deadline in payment.
Kailondo said the petroleum commodity is in fact being sold in Liberian dollars to customers; therefore, he does not understand why the Government is only accepting payment in United States dollars.
When quizzed whether there is any timeframe given him to settle his payment to Government, Mr. Kailondo said the government through the Ministry of Commerce gave him 90 days to settle his obligation, but that the timeframe is not realistic to change $LD42million dollars to U.S. dollars. He said he has therefore requested for an additional time to enable him obtain the US dollars component.
It is not yet clear whether Kailondo Company will be able to make full payment on time or risk going to court.