The former strata manager of the Tiki Shores condo complex in Penticton will finally have to pay for mishandling the strata’s finances.
In a judgement released on June 15, Darone Davis and his company Deri Holdings will have to pay back $74,257.56 after almost 14 years of legal battling.
The amount he is required to pay back is based on the accountant’s review of the financial situation that was entered into evidence in the case. In total, Davis owed $118,699.81 to the strata, with $60,000 paid back in 2007.
Justice Lindsay Lyster granted the strata an additional $15,557.75, a quarter of advance rental deposits that been received by Deri Holdings in 2008, as well as their legal costs.
In the end, Justice Lyster found that Davis was not a credible witness, and that he attempted to use his company as a shield.
“I find that the defendants breached their fiduciary duties to the strata by failing to account for their use of the strata’s funds,” reads the judgement.
Issues at the strata began in 2005, when members expressed concern about delays on the strata’s bank accounts before they found that the strata board president had been removed as a signing authority on the account, leaving it entirely under Davis and his Desi Holdings.
At the time, Desi Holdings owned 21 of the 41 strata units at Tiki Shores.
Three different accountants reviewed the strata’s finances over the years, with each coming up with different numbers on how much money Davis had moved from the strata’s account.
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