Page last updated at 16:46 GMT, Tuesday, 24 March 2009

Firm's 'Gem of Tanzania' revealed

The Wrekin gemstone
The gemstone was listed by Wrekin Construction as an 11m asset

Administrators have released an image of a multi-million pound gemstone owned by a collapsed construction firm.

Ernst and Young confirmed last week it had "taken possession" of the Gem of Tanzania, listed among the assets of Wrekin Construction in Shropshire.

The Shifnal building firm's end of year accounts show that in 2007 it exchanged £11m in shares for the gemstone.

It blamed cash flow problems for its collapse and went into administration on 10 March making 420 staff redundant.

Staff were made redundant at Wrekin Construction bases in Shropshire, Yorkshire, Northamptonshire and Cheshire.

Ernst and Young said the stone would be retained while administrators' inquiries continued.



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