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Private Eye - In The Back - False account Tees freeport , Issue 1608 (www.private-eye.co.uk)

submitted 1 year ago by C4d@lemmy.world to c/unitedkingdom

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“TEES VALLEY regional mayor Lord (Ben) Houchen's South Tees Development Corporation (STDC), responsible for Europe's largest brownfield regeneration project, is using Enron-style accounting to mask the remarkable deals it has struck with local businessmen and their effects on the body's finances, an examination of its latest accounts shows.

Epitomising the smoke-and-mirrors is the single most expensive project at the heart of Rishi Sunak's flagship freeport: the construction of a £113m quay on the south bank of the Tees, planned to serve green industrial companies such as the Korean wind turbine monopile manufacturer SeAH, which is building a plant next to it.”

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[–] david 2 points 1 year ago

Free ports are, from the beginning, designed to be areas where the law and taxation do not apply. It isn't even slightly surprising that financial crime pervades them.