ELLIOT LAKE, Ont. – The owner of the Algo Centre Mall admits drawing up repair contracts worth millions as a way to get a grant or loan.
Bob Nazarian says the deals with a company set up by a family friend were a bad idea and signed out of desperation.
But he tells the inquiry into the mall’s collapse the scheme was legitimate.
READ MORE: Contractor’s costly mall repair a ‘disaster,’ owner tells inquiry
Nazarian says any cash raised would have gone to fixing the mall’s leaking roof.
The dealings in the summer of 2008 came as the Royal Bank was demanding action to fix the mall and tenants were complaining.
One of the contracts was sent to the bank to show work was being done on the roof.
Watch: Another grueling day of testimony for Elliot Lake mall owner (July 24)
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