How UK based Wrekin Construction went into administration after been finance by a gem stone.

The world economic downturn will claim a great deal of unfortunately victims in the guise of companies and partnerships but none will be more unusual than that of Wrekin Construction who are based in Shropshire in the United Kingdom. The civil engineering company recently went into administration after their bankers withdrew their support. What prompted this withdrawal of support all came from the valuation a Ruby stone owned by its parent company Tamar.The stone is known as the Gem of Tanzania.

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According to financial papers lodged with their account Tamar claimed the Ruby stone was worth £11 million and had been value by Instituto Gemmologica Italiano in Valenza. However some 12 months earlier that stone had been value at a mere £300,000 by a different valuer. Unsubstantiated reports claim that the Italian office was not even open on the day the stone had been value. Moreover no one can tell the administrators where the stone is at the moment other than in a safe deposit box somewhere!

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Meanwhile company accountants are keeping a very low profile, whilst the 400 workers who lost their jobs when Wrekin closed its doors held a demonstration outside their offices.