Page 10 - Fake Ruby CS

Mr Powar said transferring funds to connected companies at a time when
Wrekin Construction was insolvent and under severe financial pressure put the

creditors at increased risk:

"A business deal which involved the creation of a sham invoice

ought to have set alarm bells ringing for the directors and made
them question the appropriateness of the whole deal in the first
place," he said.

"Directors who recklessly present misleading information in this
way damage the confidence of companies to do business with each
other and undermine the business environment.”

Creative Accounting Comments

“The Wrekin Ruby was not the only piece of creative accounting that the
shyster who owned Wrekin (for less than two years) used”

For example:

1 2
“Common accounting practice is to “Apparently in the last 12 months of
write off an asset in the books over a Wrekin's life over £2 million was
period of years. Wrekin would write taken out of the company by these
off, say, a JCB excavator over 4 years. kind of scams.
At this point Wrekin's owner would The reason I know this ?
sell the JCB to a plant disposal I was an employee of Wrekin for many
company he owned ( Equatrek) for £1. years right up until their demise. The
Three months later Wrekin would buy JCB scam was one that was uncovered
the same JCB back from Equatrek at by some of the guys below Director
full market value, say £25,000. A nice level a couple of weeks before they
way to take £25,000 out of the went under - and yes it has been
company and into the owners pocket.” bought to the attention of the
Administrators. “

Source: http://www.housepricecrash.co.uk/forum/ ... pic=126780

Unwin, signed a 10 year disqualification undertaking, while Ibbotson signed a
seven-year disqualification. Greenwood, was earlier also banned for nine years.