Paramount Fine Foods founder and president Mohamad Fakih accused Mississauga Mayor Carolyn Parrish of spreading “false” information about the company’s alleged failure to pay a $1.6 million debt and the city’s claim that it “unilaterally” terminated the naming rights agreement.
“Quite honestly, I’m astounded by Mayor Parrish’s handling of this entire situation and the false statements that have been made,” Mohamad Fakih said in an Instagram video posted Thursday afternoon.
The once-favoured Mississauga business leader made the remarks in response to a dispute that began Tuesday, when the City of Mississauga announced it was renaming the Paramount Fine Foods Centre after the restaurant chain allegedly failed to pay the millions of dollars owed “over a prolonged period of time as per the contract terms.”
“After months of discussions, it has become evident that a reasonable conclusion cannot be reached,” Parrish wrote in a statement posted on X. “To recoup these monies, the City will be pursuing legal action after attempting every possible solution acceptable to both parties.”
In Thursday’s video, Fakih said this is “not a case of Paramount refusing to pay.”
He said his company delivered cheques to the City covering the full amount owed under the agreed payment terms, but alleged the City continued to impose “additional conditions and unreasonable demands.”
Fakih, who founded Paramount in 2006 and immigrated from Lebanon, said he deemed the sponsorship agreement for the sports centre no longer viable after settling a bitter legal battle with his largest shareholder and regaining control of Paramount last year.
The termination of the sponsorship was mutually agreed upon between him and the Mayor, he said.
“Her suggestion that this was some kind of unilateral termination by the City is completely false, and we have proof to support this,” said Fakih, who was previously awarded the Key to the City of Mississauga and appointed to the Order of Canada.
The Star reached out to the Mayor’s office for comment, but had not heard back by publication time.
In the video, Fakih added that the debt was accumulated before he returned to lead the company, but said he remains committed to paying it out of his love and respect for the taxpayers of Mississauga.
“What is deeply disappointing is watching our Mayor publicly target a Mississauga business that has invested millions into this city, created jobs, supported charities, and was honoured with a Key to the City,” Fakih said in the video.
“Mississauga residents deserve honesty and leadership focused on solving problems, not creating public fights.”
As of June 1, the city will rename the facility the Mississauga Sports and Entertainment Centre and take over its food operations from Paramount until a new naming partner is found.
