CT.COM Boss Onanuga Reasserts Company’s Loses Over GT Bank’s Alleged Action – Latest Liberian News
MONROVIA – In the ongoing US$7 million case at the Commercial Court of Liberia, the Chief Executive Officer of CT. Com Liberia Limited Christopher Hayes Onanuga has made repeated claims that his company suffered several financial losses due to Guaranty Trust Bank (GT Bank) Liberia Limited’s “Wrongful decision” to freeze its (CT. Com Liberia) bank account.
“It is almost impossible to quantify the financial loses we incurred because we will be placing financial losses to image of the company, to brand of the company, individuals’ character and creditability – those who were in the employ and still in the employ of the company until now – both local and globally,” Mr. Onanuga told the court.
Continuing his testimony last week, Mr. Onunaga said his company was paralyzed from the wrongful action of the bank who froze the account of CT. Com; something he said was due to misidentification.
The hearing into the case brought against GT Bank Liberia Limited by CT. Com Liberia began in 2022 where the company’s CEO testified against GT Bank for freezing the account belonging to his company back in July of 2019.
Taking the witness stand on January 19, 2022, Mr. Onanuga, in his testimony revealed that the situation came about when the bank took seized of an account owned by an individual named Chris Onanuga whose name is quite different from his as the Chief Executive Officer of CT. Com Liberia Limited; and as such the company’s account was linked as a result of the names.
In his testament on April 12, 2023, the Liberian businessman noted that the company was dependent on credit to run its daily operations.
“Light bills, staff wages and taxes could not be paid. The company survived on credit from vendors. This situation began critical to our operation on a day today basis,” he recounted.
According to him, the company was indebted to Kailondo Petroleum, which was disenchanted over CT. Com’s inability to pay the debt on time; something he said almost led to a lawsuit.
He said: “Kailondo Petroleum took serious issues… back and forth discussion which almost lead to litigation. Several letters were written us while I was out of the country as well as several other companies we were obligated to, and with the help of my lawyers, close friends and vendors providing me the time as to when to settle our financial obligations with them.”
“Even after such negotiating and settlement, the relationship has not been the same. Three years down the line, the company is still suffering from the actions that was taken by the bank in 2019.”
The company’s CEO noted in his testimony that they were affected world-wide by the negative image the news had about his company, noting “News is disgusted globally and the long-lasting effect it has on individual character and business which could lead a company paralyzed and inactive. It is only fair that such loses have a financial figure attached.”
He added: “It is with this in mind that a figure of US$5,009,000.00 with punitive damage and others put at US$2,000,000. At this juncture, it will be fair to state for the record of Jurisprudence, that US$7,000,000 is placed on the financial loses placed on the company by GT -Bank Liberia limited.
When asked by the company’s lawyer if the bank was notified about the wrongdoing, the CT. Com boss said yes. He said the company communicated with the bank to rescind its action but the bank refused.
Before filing the lawsuit against the bank, he explained that the company reached out to the Ministry of Justice who cleared the company of any wrong doing and ordered the bank to lift the stay order it placed on the company’s account by the Monrovia City Court but the company refused.
However, the defense team’s cross examination of Onanuga was not completed as it was approaching evening hours. The trial continues and is expected to resume when the Judges presiding over the case issued a notice of assignment to both parties.