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Crash From £11 Million To £100

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a gem of a price drop

Wrekin Construction, a building company in Shropshire, was unusual in listing the huge uncut ruby as its main asset. That rare accounting practice proved unwise when the gem’s £11 million valuation, which once underpinned the firm’s finances, began to look like a fantasy.

Administrators desperate to raise revenue from the failed construction company were today trying to sell the stone not to international gem dealers and jewellery houses but to fans of new age crystals.

With experts estimating a sale value of around £100, police officers said they were considering a fraud investigation into the valuation of the rough-cut purple stone.

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a gem of a price drop

Wrekin Construction, a building company in Shropshire, was unusual in listing the huge uncut ruby as its main asset. That rare accounting practice proved unwise when the gem’s £11 million valuation, which once underpinned the firm’s finances, began to look like a fantasy.

Administrators desperate to raise revenue from the failed construction company were today trying to sell the stone not to international gem dealers and jewellery houses but to fans of new age crystals.

With experts estimating a sale value of around £100, police officers said they were considering a fraud investigation into the valuation of the rough-cut purple stone.

fraud? looking for fraud in this climate is like looking for hay in a haystack!!! Watch out for that needle!!!

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fraud? looking for fraud in this climate is like looking for hay in a haystack!!! Watch out for that needle!!!

Great comment, what a sad state of affairs!

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Some would say that the gem is still worth £11m, as its value only falls to £100 if you have to sell it.

and.............if we keep printing money it may well be worth £11m again sooner than those doom and gloom valuers think.

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course, police are not interested in bankers valuing THEIR mythicall rights to a value on a mortgage at whatever they like. whats the difference?

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