Therme, a European company aiming to expand its spa and water park facilities worldwide, has faced significant backlash in Toronto due to its misleading claims about its experience and financial stability. A favorable 95-year lease with the Ontario government, which includes upfront costs of hundreds of millions of dollars, has drawn scrutiny. Auditors uncovered that Therme inaccurately presented itself as an established operator with several facilities, whereas it has only ever built and operated one spa in Romania. The situation raises questions about the fairness of the bidding process and concerns about the company's financial health.
Auditors found that the contracting process had been unfair and opaque, and Therme misrepresented its experience to secure the Toronto deal.
Therme's financial situation raised concerns, as it was losing money and had less than 1 million euro in equity, contradicting its ambitious expansion plans.
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