BusinessBusiness RecoveryE&Y has Wrekin ruby

E&Y has Wrekin ruby

Joint administrators Ian Best and Tom Lukic now have precious gemstone under lock and key

Administrators from Ernst & Young have the ruby at the centre of Wrekin
Construction scandal in their possession.

Ian Best and Tom Lukic were appointed Joint Administrators of Wrekin Group
Limited and Wrekin Construction Company Limited earlier this month and now have
the gemstone under lock and key.

It emerged that the ruby was listed as an asset worth £11m in Wrekin’s
accounts.

E&Ysaid in a statement the administrators had ‘taken possession of the
gemstone reported to be the Gem of Tanzania which will be retained in secure
storage whilst they continue with their enquiries in this regard. Until their
enquires are complete they have no further comment to make.’

Wrekin ran into financial difficulties because of the economic slump.

The trading company – Wrekin Construction Company Limited – employed
approximately 600 permanent staff headquartered in Shifnall, Telford and had
three other regional sites in Runcorn, Bradford and Wellingborough.

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