Owner had funds to fix collapsed Elliot Lake mall, but he didn’t want to pour money into ’black hole’

DAMNED MORON

National Post | News

ELLIOT LAKE, Ont. — The owner of the crumbling Algo Centre Mall admitted Thursday he actually had the cash to fix the leaking roof but chose not to because it would have meant pouring money down the drain.

Testifying for a third day at the inquiry into the mall’s deadly collapse, Bob Nazarian said he sold a property he owned in 2009 — four years after he purchased the mall — then spent $2.6-million to buy another.

Why, commission counsel Peter Doody asked, didn’t he instead put that money into fixing the roof?

“Because,” Nazarian said.

“Because why?”

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“The Algo Mall was a black hole. No matter how much money you put in … that mall was doomed,” Nazarian responded.

“Simply, I would not put my life in it. I worked 42 years to gather some fund for my family. I’m not going to put everything in this building.”

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