Nearly £21 million is owed to more than 1,000 creditors of collapsed building firm Wrekin Construction and the true value of its mysterious ruby may never be known, it was revealed today.

Administrators say the Gem of Tanzania, reportedly worth £11 million, is too unique to be properly valued.

The details, which also show that Shifnal-based Wrekin owed £3.4 million in VAT, were revealed in a 47-page report on the Wrekin Group, and its subsidiary Wrekin Construction, by Ernst & Young in advance of a meeting of creditors next month.

Read the full story in today’s Express & Star.

Nearly £21 million is owed to more than 1,000 creditors of collapsed building firm Wrekin Construction and the true value of its mysterious ruby may never be known, it was revealed today.

Administrators say the Gem of Tanzania, reportedly worth £11 million, is too unique to be properly valued.

The details, which also show that Shifnal-based Wrekin owed £3.4 million in VAT, were revealed in a 47-page report on the Wrekin Group, and its subsidiary Wrekin Construction, by Ernst & Young in advance of a meeting of creditors next month.

The report says: “Upon appointment, we were advised by the directors that the gem was held by an agent of David Unwin, a director of Wrekin Group, located in Saudi Arabia.

“Following conversations, arrangements were made with David Unwin for the item to be returned to Wrekin Construction.”

The report confirms the 2kg rock is natural corundum, otherwise known as a ruby, which is opaque and not of a good enough quality to be faceted.

It also confirms the valuation of £11 m was a “forged document”.

The report adds: “At this time, it is not possible to place a value on the uncut stone given its unique nature and consequent absence of any comparable market data upon which to base any estimate.”

The report lists more than 1,000 businesses and individuals owed money by the company when it went into administration on March 10 and also gives reasons for the company’s collapse, with the loss of 410 jobs.

It says: “Further redundancies were made throughout the initial weeks of the administration. As of April 27, 2009, nine employees remain with Wrekin Construction to assist with the realisation of the remaining plant and machinery.”

A meeting of creditors will be held at at the Holiday Inn in Telford on May 13.