CBC reports Toronto based financing firm Callidus Capital Corporation is suing Deepak Kumar, owner of Deepak International and Deepak Developments, hoping to get back the money they loaned to Kumar to buy two empty cutting and polishing plants from the Northwest Territories government. Callidus hopes to get its hands on C$15 million in rough diamonds and a shipping container that could hold C$18 million worth of diamond equipment that were put up as security for the loans by Kumar. Callidus’ first attempt to seize the collateral failed, when they discovered four containers near Yellowknife Airport, which turned out to be owned by the government and not Kumar, contained nothing but ‘junk’.
According to Kumar’s lawyers, the rough diamonds and valuable equipment are stored in a fifth container, located in a secure location in Yellowknife, which Kumar refuses to reveal. According to CBC, whether Kumar actually posesses the rough diamonds is questionable. According to the report none of the N.W.T’s producers ever sold any rough to Kumar.