Page 160 - Articles Written by JGJ EF DPS

Wrekin Construction, a private company, owned by the Frain family had
since 2000 experienced a turbulent economic environment which had

seen it at the time introduce disastrous growth strategies which forced its
collapse and acquisition by Unwin. The acquisition in 2007 however,
saw the economic climate deteriorate and company profits plummet. The

result was a second round of fraudulent acts by Unwin and his directors
as they transferred funds from Wrekin to one of his other companies.
These included a £768,117 transfer to Britannia Management Services

and £516,959 to Equatrek (See Appendix 1).

The auditors picked up on the frauds and in 2013 the directors were
disqualified from involvement in companies for up to ten years.

The Gem of Tanzania was subsequently, bought for £8,100 by Tim
Watts, a creditor of Wrekin. But controversy still surrounded the stone
and its value with earlier estimates emerging ranging from $250,000 to

$22 - 23 million.