A recent investigation by The Times has uncovered significant discrepancies in the portrayal of Therme, a European wellness company, as it secures a long-term lease in Toronto for a controversial spa and water park project.
### Investigative Exposé: Therme’s Misleading Claims Over Toronto Water Park Deal
### Investigative Exposé: Therme’s Misleading Claims Over Toronto Water Park Deal
A probe reveals inflated credentials and questionable practices by the spa company as it embarks on a massive expansion.
The Times investigation has revealed alarming inconsistencies surrounding Therme’s operations and financial stability that raise serious ethical concerns.
A European wellness company, Therme, is stirring public discontent in Toronto as it embarks on a much-criticized multi-billion dollar project involving the development of a water park and spa on West Island. This initiative, which comes with a staggering 95-year lease and upfront funding from the Ontario government, has been called into question by various stakeholders following a groundbreaking investigation by The Times.
The auditing process, evaluating Therme’s bid for the project, has been deemed unfair and obscured by corporate maneuvering as the company seeks to expand its opulent ventures worldwide. Therme, which operates a single spa in Romania, has been found to falsely enhance its image by claiming it oversees several establishments across Europe. The investigation relied on corporate filings and interviews with key individuals involved in the bidding process, revealing that Therme had inaccurately depicted itself as an established industry player.
Instead of showcasing a robust financial backdrop, auditors discovered that Therme was struggling financially, even reporting losses and showing less than €1 million (approximately $1.1 million) in equity. As the company pushes for its ambitious expansion across North America, Europe, and the Middle East, the credibility of its claims remains under heavy scrutiny, leaving many to question the integrity of the deal and the future of the project.
A European wellness company, Therme, is stirring public discontent in Toronto as it embarks on a much-criticized multi-billion dollar project involving the development of a water park and spa on West Island. This initiative, which comes with a staggering 95-year lease and upfront funding from the Ontario government, has been called into question by various stakeholders following a groundbreaking investigation by The Times.
The auditing process, evaluating Therme’s bid for the project, has been deemed unfair and obscured by corporate maneuvering as the company seeks to expand its opulent ventures worldwide. Therme, which operates a single spa in Romania, has been found to falsely enhance its image by claiming it oversees several establishments across Europe. The investigation relied on corporate filings and interviews with key individuals involved in the bidding process, revealing that Therme had inaccurately depicted itself as an established industry player.
Instead of showcasing a robust financial backdrop, auditors discovered that Therme was struggling financially, even reporting losses and showing less than €1 million (approximately $1.1 million) in equity. As the company pushes for its ambitious expansion across North America, Europe, and the Middle East, the credibility of its claims remains under heavy scrutiny, leaving many to question the integrity of the deal and the future of the project.
