Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
Private investors recruited by Guo say the AimForce Development director "fraudulently and dishonestly" breached his fiduciary duty by mortgaging the properties that are now under foreclosure.For Davidson Guo , the numerous foreclosure proceedings against his company, AimForce Development, may not be his biggest problem, as a collection of private shareholders that he personally recruited are now alleging that he lied to them.
"The General Partnership fraudulently and dishonestly breached its fiduciary duty towards the Partnership by repeatedly mortgaging the Lands and diverted the mortgage proceeds for purposes other than for the Partnership," the plaintiff claimed. "Guo knowingly breached his fiduciary duty towards the General Partnership, or in the alternative, Guo knowingly assisted the General Partnership breaching its fiduciary duty.
Ho also added that if the allegations in the civil claim are proven to be true, it would also mean Guo breached his loan commitment letter with Amber, which explicitly stated that the purpose of the $2.5M loan was "to provide working capital to support development expenses" of 3771 and 3791 No. 3 Road, according to a snippet of the letter shown to STOREYS.
A list of all the limited partners was provided to STOREYS, indicating that 48 units have been issued. With each unit having a price of $200,000, that suggests Guo was able to secure a total of $9,600,000. BC Assessment values 3771 No. 3 Road at, for a total valuation of $11,951,900. This valuation is as of July 1, 2023, however, while the property was purchased in cash in September 2018.
Judie and the seven other investors were not involved in the civil claim filed by Canada Zonda, but have since spoken to Canada Zonda's legal representative seeking to join the claim or potentially file their own claim. Aside from the aforementioned allegations, Judie claims that Guo also collected rent from the tenant of the No.
"At the time when Meng acquired the Meng Properties, Meng knowingly, acting recklessly or with willful blindness, assisted the General Partnership to transfer/dispose of the mortgage proceeds from the Lands of the Partnership with the intent to delay, hinder or defraud the other partners of the Partnership of their just and lawful remedies."
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