Former Cava Secreta CEO loses battle for bottles of wine
A judge has ruled the former CEO of defunct Cava Secreta and Cava Wines and Spirits will not get wine
The former CEO of Saskatoon's defunct Cava Secreta and Cava Wines and Spirits will not get back 1000 bottles of wine he claimed were his own personal inventory.
The trouble at Saskatoon's first, privately-owned liquor boutique began in May of 2012 when SLGA revoked its liquor license after the shop breached its contract by buying alcohol straight from an Alberta supplier, rather than importing their stock through the authority.
Shortly after, the company's accounts were frozen and employees cheques bounced when the Canada Revenue Agency flagged the shop for owing hundreds of thousands of dollars in back taxes.
TD Bank stepped in and 19 thousand bottles of fine wines were sold to another merchant for $600,000.
However, throughout the company's dismantling, Cameron Rizos, its former CEO, claimed 1000 of the bottles were his. He claimed he had bought personally from the store, and therefore they should be returned to him.
TD bank disagreed, contending Rizos had no proof of sale for the bottles. In a recent ruling the Saskatchewan courts sided with the bank.
Now, the 1000 bottles that were saved from the initial liquidation process will be sold by the bank to recover more of the debt accrued by Rizos and Cava Secreta Wines and Spirits Limited.