Bank seeks receivership for Edmonton mall

Article Abstract:

Alberta Treasury Branches (ATB) of Edmonton, Alberta, has filed a C$450-million lawsuit that accuses the owners of West Edmonton Mall of bribing ATB's former top executive through a secret Israeli bank account. The lawsuit is seeking to provide the bank with interim receivership for the mall, allowing ATB to temporarily own West Edmonton in trust and operate it through a receiver-manager. The lawsuit, filed in the Alberta Court of Queen's Bench, also involves former ATB executive Elmer Leahy for accepting bribes from the mall's owners, the Ghermezian brothers, for the approval of a hefty 1994 refinancing package for the mall. ATB also claims that the mall's owners breached a contract with the bank through the bribes to Leahy and secret commissions to others.

Comment:

Is being accused by the Alberta Treasury Branches of bribing the bank's former executive through a secret Israeli account

Legal issues & crime, New orders received, All Other Nondepository Credit Intermediation, Stores in Shopping Centers, All Other Miscellaneous Store Retailers, Finance Houses, Retail stores, Shopping centers, Finance companies, Alberta Treasury Branches, West Edmonton Mall

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Study slams Edmonton mall

Article Abstract:

West Edmonton Mall needs to be significantly updated and upgraded to preserve its customer base despite its status as the world's biggest shopping center. This was based on a confidential report created by market research organization Kircher Research Associates Ltd. for the state's Alberta Treasury Branches. Kircher concluded that the mall is dependent on dated yet huge attractions, needs maintenance, and should improve its image. Kircher warned that there may be fatal repurcussions should the mall fail to adjust based on its findings.

Comment:

Canada: West Edmonton Mall needs to be significantly updated and upgraded to preserve its customer base

Canada, Strategy & planning

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Edmonton mall called 'solid as gold.'

Article Abstract:

West Edmonton Mall co-owner Nader Ghermezian said the 800-store mall is solid as gold, adding business at the center is growing despite adverse publicity. Nader Ghermezian co-owns the center along with brothers Eskandar, Raphael and Bahman. The mall owes an estimated C$350 million in loans and loan guarantees to Alberta Treasury Branches (ATB), which recently accused the mall's former top executive, Elmer Leahy of engaging in improper lending activities. Nader Ghermezian said the mall is one of the best loans ATB could ever have.

Comment:

Alberta: West Edmonton Mall co-owner says 800-store mall is solid as gold, adding bsns is growing despite adverse publicity

Facilities & equipment

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