Daljit Thind was a self-made success story who often spoke of his ambition to tackle new ventures. Now his business empire appears to be struggling.
Soon after immigrating to Burnaby from a village in India, Daljit Thind found work laying tiles. From those humble beginnings, he built an empire.
After learning about the construction industry, Thind took on his first project: renovating his sister-in-law’s home. He then put those profits into a larger project, and then another.
Beyond construction, Thind also established himself as an entertainment mogul. His company’s website credits him with producing several blockbuster Indian movies and helping to bring the Times of India Film Awards to Vancouver in 2013.
Thind also gave back through philanthropy, his website says, donating millions to some of B.C.’s largest hospitals, faith-based organizations and other community causes.
But, now, Thind’s business empire appears to be struggling, and his company and related entities are being pursued in court over hundreds of millions of dollars in allegedly unpaid debts from lenders, suppliers and partners.
KingSett Mortgage Corp., one of Canada’s largest private equity real estate lenders, has gone to court demanding more than $300 million it claims Thind’s companies owe, with almost $100,000 in interest accruing every day.
Thind Properties’ recent challenges are the latest and perhaps highest-profile example of B.C. real estate companies in trouble, as challenging market conditions have created a rise in insolvencies and receiverships.
Other lawsuits have been filed against Thind’s companies in recent months by subcontractors, strata corporations and a former site supervisor for the company who filed in small claims court this month alleging he is owed unpaid wages.
Now, Thind is trying to sell part of the Burnaby property facing possible receivership, but that sale could be jeopardized by litigation.
Last week, Surrey realtor Gurmail Singh filed a claim in B.C. Supreme Court, alleging he is owed $800,000 for his services in facilitating the sale of 44 strata units in the 48-storey Burnaby highrise, which includes condos, office space and a 159-room hotel.
On Thursday, Thind’s lawyer filed an application asking the court to cancel the certificate of pending litigation. Thind’s company has made an agreement to sell the Burnaby property to a hotel company for $47.2 million, the filing says, with the deal slated to close next week.
![VANCOUVER, BC - November 20, 2024 - 6511 Sussex Ave in Burnaby, BC, November 20, 2024. Thind Properties, a major Metro Vancouver real estate developer, has been accused in court by a mortgage lender of 'misappropriating' tens of millions of dollars including tax revenue that should have gone to the CRA. The lender, KingSett, has filed court documents demanding Thind pay more than $300 million owed in relation to major condo developments in Surrey, Richmond, and Burnaby. (Arlen Redekop / Postmedia staff photo) (Story by Dan Fumano) [PNG Merlin Archive]](https://smartcdn.gprod.postmedia.digital/vancouversun/wp-content/uploads/2024/11/png1120-receivership.jpg?quality=5&strip=all&w=100&sig=R_Mv5IFIdKtU0cpxQm2Q3w)
But now that sale “has been jeopardized” by the certificate of litigation registered on title, the filing says, and if Thind’s company is unable to complete the sale on Nov. 29, it will incur “significant damages and expenses,” the filing says. Thind’s filing denies Singh ever provided any services or even had an agreement with the company.
Thind’s lawyer declined to comment when reached Friday, as did Singh. No one answered the phone this week at Thind’s offices in Burnaby, and representatives of the company, including its CEO, didn’t reply to emails.
Thind Properties is also facing another lawsuit by the strata corporation in another Burnaby highrise. The strata alleges the property developer’s negligence in the design and construction of the building’s plumbing system led to a sewage backup, causing damage and expense.
“Now I truly feel like I’m on a new adventure,” Thind told Kaur. “The minute I can do anything well, I’m thinking, ‘OK, I got that down. Now what else can I do?’ And the only way I’m going to find out is to keep trying, working hard and waiting for the outcome.”
Thind has been recognized as a Hall of Fame donor and a lifetime member by the Progressive Intercultural Community Services Society, a non-profit service provider based in Surrey.
Society president Satbir Cheema described Thind as a “generous” and “down-to-earth” man.
“He’s a good guy. He doesn’t have anyone talking ill about him ever,” Cheema said. “He’s a very decent human being, somebody that I would proudly call a friend.”
Thind’s recent trouble is “unfortunate,” Cheema said, “but he’ll get out of it.”