Page 8 - Fake Ruby CS

Staff & Suppliers

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“They have never paid “They stripped the “To stand in the window
on time, they lie and company bear of all its and watch low loader
backtrack and never assets and cash and then after lowloader disappear
follow the sub-contract. dropped Wrekin from down lamledge lane
They never did get a their holding company loaded with my
cash injection, just a gem Tamar, also removing severance pay holiday
stone injection. “ themselves as directors pay and redundancy
Comment by Paul — 16 Mar 2009 shortly before the big payment showed me
on 2:46 pm
http//downingstreeysays.com/briefi bang.” where mr unwins
ngs/6332#comments-10738 Comment by Ian — 17 Mar 2009 loyalty’s lay to his bank
on 2:46 pm balance.”
http//downingstreeysays.com/briefi
ngs/6332#comments-10744 Comment by ex wrekin employee
— 20 Mar 2009 on 9:27 pm
http//downingstreeysays.com/briefi
ngs/6332#comments-10751

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, £11m would also mean that the

gem was worth £8.4m more than any ruby in history.