Experts to revalue Wrekin ruby
Tuesday 31st March 2009, 11:59AM BST.
The controversial ruby owned by collapsed Shropshire firm Wrekin Construction is to be revalued by independent experts this week.
The giant stone, known as The Gem of Tanzania, is valued at £11 million in the accounts of the Shifnal company, which folded this month with the loss of about 400 jobs.
But experts have shed serious doubt over the accuracy of the price, with some claiming its true worth could be as little as £300,000.
Today the company’s administrators Ernst & Young confirmed that the ruby was locked in a safe, awaiting a fresh independent valuation over the next few days.
The value of the ruby – and its subsequent sale – will go a long way towards dictating how much cash is available to pay Wrekin Construction’s creditors.
More than 40 vehicles belonging to to the Lamledge Lane business were auctioned off by the administrators last week in a sale which raised almost £100,000.
The date of a creditors’ meeting, when people will get the chance to stake their financial claims against the company, has not yet been fixed.
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