BusinessBusiness RecoveryE&Y administrators find £11m ruby on Wrekin’s books

E&Y administrators find £11m ruby on Wrekin's books

Rare gem listed in books of failed property company

Ernst & Young administrators have found a ruby, cited as the Gem of
Tanzania, reportedly worth £11m on the books of Wrekin Constructions, the
building firm which collapsed last week costing 400 staff their jobs.

E&Y is unclear why the gem was bought by the company’s directors.

The firm said it was ‘too early to comment’ on the gem’s history of ownership
or reports that it was bought to inflate the value of Wrekin’s assets,
the
Guardian reported.

Further reading:

Read
the Guardian report

Hear
from Lehmans’ and Woolies’ administrators

EY:
mining deals on the way

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