Page 14 - How Not To Cook The Books Article

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“They have never paid “They stripped the “To stand in the
on time, they lie and company bear of all window and watch low

backtrack and never its assets and cash loader after lowloader
follow the sub- and then dropped disappear down
contract. They never Wrekin from their lamledge lane loaded
did get a cash holding company with my severance

injection, just a gem Tamar, also removing pay holiday pay and
stone injection.” themselves as redundancy payment
Comment by Paul — 16 directors shortly showed me where mr
Mar 2009 on 2:46 pm before the big bang.” unwins loyalty’s lay to
http//downingstreeysays.c Comment by Ian — 17 his bank balance.”
om/briefings/6332#comm Mar 2009 on 2:46 pm Comment by ex wrekin
ents-10738 (6) http//downingstreeysays.c employee — 20 Mar 2009
om/briefings/6332#comm on 9:27 pm

ents-10744 (7) http//downingstreeysays.c
om/briefings/6332#comm
ents-10751 (8)

Mr Nickolas Ibbotson, Wrekin’s finance Director and Wrekin’s managing
director, Peter Greenwood approved Wrekin’s accounts to 31 December
2007, which included the gem as an asset worth £11 million, without
checking the reliability or authenticity of the Italian valuation report.
Furthermore, Ibbotson, aware of the uncertainties, told the company’s
new auditors that £11m was a genuine market value.

When the administrators tried to sell the ruby they found the document
showing the £11 million valuation was a forgery and that the uncut gem
was just a 2kg lump of anyolite, a type of brightly coloured crystal fairly
common in East Africa and practically worthless. Moreover, a valuation
of £11m would also mean that the gem was worth £8.4m more than any

ruby in history.