
Province grilled over Therme's credentials to build luxury spa at Ontario Place
Critics are once again slamming the provincial government's plan to build a luxury spa on the former site of Ontario Place — this time over allegations that the company set to run the multi-billion-dollar project misrepresented itself and exaggerated its experience in order to secure the deal.
Those claims are part of a New York Times story, based on corporate filings in three countries and interviews with a dozen people involved in Therme's operations, which found that the company falsely presented itself as having operated as many as half a dozen spas in Europe, when in reality it had only built and operated just one.
The report also says that as the European company was pitching its vision for the prime lakefront property, it was losing money and had less than $1.6 million in equity.
CBC News has not independently verified those findings and has reached out to Therme for comment.
At Queen's Park Wednesday, Liberal MPP John Fraser said the reporting was "stunning" — as it uncovered a company with one small spa, a million dollars in equity, and an "interconnected web of shell companies."
"Yet somehow they convinced the premier that they had a global track record. It didn't just stretch the truth, it led the premier down the garden path — and Infrastructure Ontario signed right off on it," Fraser said.
"So why did the premier greenlight a 95-year-deal with a company that inflated its portfolio and couldn't pass a basic financial sniff test?"
WATCH | What the AG report on Ontario Place found:
Ontario Place redevelopment not 'fair, transparent or accountable,' auditor general finds
4 months ago
Duration 4:49
According to the province's auditor general, the process for selecting new tenants for Ontario Place wasn't transparent or fair. CBC's Lorenda Reddekopp breaks down some of the key findings from the scathing section of the annual report.
In response, Minister of Infrastructure Kinga Surma said that Therme passed the financial test conducted by Infrastructure Ontario, which she called a "world-renowned, arms-length agency."
Pressed in further questions, Surma repeatedly pivoted to talking about the number of jobs that would be created both through construction and operation of the spa.
Surma also said the province has "done this dance already," when it comes to questioning the project, mentioning audits and a recent review.
In a report from late last year, the province's auditor general found that the cost of the redevelopment of Ontario Place has ballooned by more than $1.8 billion, and the process for selecting new tenants for the prized lakefront property wasn't transparent or fair.
Fraser asked Wednesday if Premier Doug Ford would throw out this deal, like he did when he cut ties with Elon Musk's Starlink, or when the province backed away from its redevelopment plans for The Greenbelt.
"No, we will not," Surma responded, again lauding Infrastructure Ontario's credentials.
Green Party Leader Mike Schreiner, however, called on the province to do exactly that, in addition to exploring a "made in Ontario solution" for the space.

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Winnipeg Free Press
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- Winnipeg Free Press
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3 hours ago
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(TSXV: OAM) (OTC:OAMCF) is headquartered in Toronto, Ontario, with operations in Madrid, Spain and Berlin, Germany, is a premier global esports and entertainment company for today's generation of fan. OverActive Media owns team franchises in professional esports leagues, including the Call of Duty League, operating as the Toronto Ultra, the League of Legends EMEA Championship (LEC), operating as Movistar KOI, the VALORANT Champions League (VCT) EMEA, operating as Movistar KOI in other professional esports leagues and competitions. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMAITON This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current expectations of OverActive with respect to its partnership with Ecoembes and the anticipated benefits of that partnership as well as future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding the anticipated financial and operating results of OverActive in the future. Investors are cautioned that forward-looking statements are not based on historical facts but instead OverActive management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although OverActive believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the OverActive. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements include the following: the potential impact of OverActive's qualifying transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; the risks and uncertainties associated with foreign markets; the ability of the Company to continue to execute on its existing partnerships and business strategy; the ability of the MAD Lions and Call of Duty Leagues to maintain viewership; the successful completion of the Company's new venue; and other risk factors set out in OverActive's most recent annual information form and its other filings with Canadian securities regulators, copies of which may be found under OverActive's profile at These forward-looking statements may be affected by risks and uncertainties in the business of OverActive and general market conditions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although OverActive has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. OverActive does not intend and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.