In brief
Therme, a European wellness firm, is under fire for misrepresenting its track record while securing a 95-year lease for a water park in Toronto. Auditors revealed the process was opaque, and the company had financial instability despite ambitious global expansion plans.
A European wellness company, Therme, is in hot water after it was discovered that it exaggerated its qualifications to win a lucrative project in Toronto, Canada. The firm has plans to build a massive water park and spa on West Island, a prime location that has recently cleared trees in preparation for this venture.In an investigation by the New York Times, it was revealed that Therme falsely claimed to have extensive experience operating multiple spas across Europe. However, they have only managed to build and run a single spa situated near Bucharest, Romania. Thrusting itself into the international spotlight, Therme's optimistic claims led to the Ontario government awarding them a 95-year lease, despite a troubling financial picture that shows the company was losing money and only had about $1.1 million in equity.Government auditors have pointed out that the contracting process was not transparent, raising concerns about fairness. With plans to expand its reach further into North America and beyond, Therme's credibility is now under serious question as public discontent grows over how they secured such a significant deal in Toronto.
