Ernst & Young tight lipped over values put on Wrekin ruby

Wrekin Construction’s most dazzling asset – namely “The Gem of Tanzania” – has now been valued by several valuers according to Ernst & Young, the failed contractor’s administrator.

Asked how many valuers have seen the much-talked-about jewel, a spokesman for Ernst & Young said he did not have an exact number. When asked for details of their various valuations he refused to offer any information.

The jewel will be sold though the administrator is tight-lipped on how and when.

The cricket-ball-sized chunk of mineral was bought by Wrekin Construction for £11m from David Unwin when he stepped forward two years ago to save the company from a financial mess.

Wrekin’s directors said they have subsequently had the ruby-grade object revalued annually following acquisition. These valuations have never been revealed.

Everything relating to Wrekin Construction’s future is still hanging in limbo as there is no timetable for the sale process of “The Gem of Tanzania” and there is no date set for a creditors meeting.