Breaking: Independent panel finds no evidence of corruption at Teesworks joint venture but criticises governance and transparency

The independent review panel set up to examine allegations made and Tees Valley Combined Authority’s (TVCA's) oversight of the South Tees Development Corporation (STDC) and Teeswork Joint Venture has found no evidence of corruption or illegality.

However, the panel’s report said there were “issues of governance and transparency that need to be addressed and a number of decisions taken by the bodies involved do not meet the standards expected when managing public funds”.

The panel therefore concluded that “the systems of governance and finance in place within TVCA and STDC at present do not include the expected sufficiency of transparency and oversight across the system to evidence value for money”.

Its report makes 28 recommendations.

The Secretary of State for Levelling Up, Housing and Communities commissioned a review in June 2023 into allegations made over the project, which involves the remediation and redevelopment of the former Redcar steelworks.

The STDC was set up to manage the site and its redevelopment.

More soon.