30th January 2024

Teesworks Review Statement By South Tees Development Corporation Board

“The board welcomes the review’s key findings that there was no corruption or illegality and that there have been key successes on the project so far.

“These include the creation of 9,000 jobs, 450 acres of land remediated or in remediation, a new 450metre quay, an income stream of business rates of £1.3bn with more to come and 17% of the land under contract and a further 40% under Heads of Terms.

“The review also explicitly acknowledges that our joint venture partners were critical to being able to reach an agreement with the Thai banks to develop the site, and that our JV Partners have £330million of commitments and further remediation costs.

“We also recognise the review’s findings on governance and transparency. We will work at pace to review our governance and make the necessary changes to implement those recommendations that relate to STDC.”

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