The Mayor is now being asked for guarantees from large companies regarding contracts.
https://www.gazettelive.co.uk/news/t...stors-26836243
Part of the Press quote:
The Tees Valley Mayor said investors are “unduly concerned” after BP and Equinor reportedly demanded the freeport guarantee it was not involved in corruption.
On Wednesday, The Telegraph reported that BP and Equinor are understood to have asked for clauses to be added into commercial contracts with Teesworks.
It is understood this could mean damages could be paid out if the position set out in the warranty was not true. Net Zero Teesside Power, which is aiming to be the UK’s first fully integrated commercial-scale gas-fired power station with carbon capture, is currently in the running for government funding. It is a joint venture between BP and Equinor and will be based at the freeport.
It is thought that Teesworks have confirmed that the site’s assets have not been acquired due to an “unacceptable act”. It is also understood the warranties state: “Nor have they hidden or dissimulated, and will not hide or dissimulate the nature origin, location, disposition, or ownership of assets, rights or values.”
The Labour MP has called for a full investigation into the “industrial-scale corruption", he alleges is occurring at the freeport. Originally, the South Tees Development Corporation held 50% of the shares in Teesworks Limited and private developers, JC Musgrave Capital and Northern Land Management Ltd held the other 50%.
However, an agreement was reached in 2021 which means JC Musgrave Capital, Northern Land Management Ltd, and DCS Industrial Limited
now hold 90%. Teesside businessman Chris Musgrave OBE is the director of JC Musgrave, while DCS Industrial Limited has Mr Musgrave and Martin Corney at the helm.