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  Crossing the ruby con: Failing firm valued £8,000 gem at £11m
  
  Two company directors have been disqualified from business after using a falsely valued ruby to inflate their failing company's accounts.
  
  David Unwin and Nicholas Ibbotson received significant bans after trying to assuage their construction company's woes with "The Gem of Tanzania", which had purportedly been valued at£11m uncut ruby but was actually worth just £8,000.
  
  The 10,700-carat lump of anyolite, a practically worthless grade of ruby, was sold by administrators after Shropshire-based firm Wrekin Construction went into liquidation. The directors' disqualification came after an inquiry by the Insolvency Service. Investigators found Mr Unwin bought the uncut gem in 2006 and transferred it to the assets of Wrekin after he took over the firm in 2007. It was listed as an £11m asset, based on a valuation supposedly carried out in Italy.
  
  Wrekin collapsed into administration in March 2009 with losses of more than £45m to creditors. When the administrators tried to sell the gem, they found that the document showing the £11m valuation was a forgery.

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