Inquiry Hears Mall Owner Avoided Repair despite Having Money

This article was last updated on April 16, 2022

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Owner of the controversial Algo Centre Mall, Robert Nazarian, returned to resume his testimony at the Elliot Lake Inquiry for the third day today after making a striking confession at the end of Thursday’s testimony in Elliot Lake, Ont. Bob Nazarian previously admitted of having acquired a sum of $2.6 million from the sale of a property, and later acknowledged having spent it to buy another property rather than using it to fix the crumbling roof at the mall.

The mall’s roof later collapsed in broad daylight during the summer of 2012, which resulted in the death of two people along with several more injured. Nazarian had previously alleged that he worked too hard to save money for his family, asserting that hence he decided not to throw it into what he called a black hole. Nazarian informed the inquiry that “[the] Algo mall was a black hole. That no matter how much money put in … even before I purchased that mall, [it] was doomed.” Responding to which the commission counsel, Peter Doody, questioned “so you simply wouldn’t put that money in,” and Nazarian replied that “simply, I would not put my life in it, no. I worked 42 years to gather some fund for my family. I’m not going to put everything in this building and … everything goes down the drain.”

Before confessing having sold another property, Nazarian had emphasized that he suffered from major financial constraints which lead him no choice but to avoid the renovation of the crumbling mall.

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