Doubts over value of £11m gem
Monday 23rd March 2009, 10:52AM GMT.
Doubts were today cast on the value of the £11 million Gem of Tanzania, listed as an asset of collapsed Shifnal firm Wrekin Construction.
This is the two-kilogram purple rock about the size of a cricket ball, was delivered to adminstrators Ernst & Young by a solicitor acting for businessman David Unwin.
Mr Unwin owns the Tamar Group which took over Wrekin Construction in June 2007, six months before Tamar handed over the Gem of Tanzania in exchange for £11 million worth of preference shares in the Wrekin Group.
Today he commented for the first time on the collapse of the company, saying he had regarded Wrekin as a company which could be restored to profitability and success.
He said he had “no regrets” about his investment in time and money in the company.
Mr Unwin spoke out as doubt was today cast on the value of the uncut rock.
His solicitor, Derek Miller, said he had had concerns over the validity of documentation connected with the valuation.
Mr Miller, who handed over the gemstone to Ernst & Young on Friday, said he did not doubt Mr Unwin believed he had bought a ruby potentially worth £11 million if it was cut successfully into smaller gems.
But he added that, during his investigations into the authenticity of the valuation, issues had arisen which had concerned him and Mr Unwin.
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